May 12, 2023
Thursday, May 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.176, three cents below Wednesday’s closing price of $2.191. Ascending to trade along the $2.200 level leading up to 10:30AM, prices forged higher after the weekly publication hit the wire. Peaking at an intraday high of $2.255 at 11:15AM, the contract then withdrew to record the intraday low of $2.167 at 1:35PM. June closed nearly flat on Thursday at $2.190.
The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended May 5 – in line with the market estimate of 82 BCF. Total working gas in storage was reported as 2,141 BCF; 31.2% above this time last year and 18.4% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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