May 11, 2023
Wednesday, May 10
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.223, three cents below Tuesday’s closing price of $2.267. Losing ground early on, prices retreated to the intraday low of $2.160 by 10:45AM. Ascending over the next ninety minutes to tally the intraday high of $2.232, the contract traded sideways for the balance of the day as mild temperatures are set to move in and wildfires continue to bring uncertainty. June closed lower on Wednesday at $2.191.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended May 5. This compares to a 76 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was down one cent; Natural Gas was up two cents; Heating Oil was up slightly; and Gasoline was flat.
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