May 24, 2023
Tuesday, May 23
rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.376, two cents below Monday’s closing price of $2.400. Trading within a three-cent range of $2.360 for the majority of the morning, prices rose to tally the intraday high of $2.400 at 11:15AM. Losing ground heading into the afternoon, forecasts for early June remain unsupportive as the contract fell to the intraday low of $2.318 ahead of 2:30PM. June closed lower on Tuesday at $2.321.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF injection to storage for the week ended May 19. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 96 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up $1.19; Natural Gas was up two cents; Heating Oil was up three cents; and Gasoline was up four cents.
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