May 8, 2023
Friday, May 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.082, two cents below Thursday’s closing price of $2.101. Recording the intraday low of $2.072 soon after the opening bell, prices rose to the $2.140 level by 10:00AM. Trading within a tight band near this mark for the balance of the day, tallying the intraday high of $2.167 at 12:45PM, June closed higher on Friday at $2.137.
The EIA Natural Gas Storage Report published on Thursday showed a 54 BCF injection to storage for the week ended April 28 – in line with the market estimate of 50 BCF. Total working gas in storage was reported as 2,063 BCF; 32.6% above this time last year and 19.8% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up $1.57; Natural Gas was up six cents; Heating Oil was up four cents; and Gasoline was up three cents.
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