July NYMEX Natural Gas Futures Contract Closed at $1.881 on Wednesday, May 27th

Wednesday, May 27th saw the front-month NYMEX Natural Gas Futures Contract settle at $1.722, seven cents below Tuesday’s closing price of $1.793.  The July contract, set to take the front-month position today, opened at $1.925, two cents below Tuesday’s closing price of $1.945.  Extending to an intraday high of $1.935 by 10:00AM, the contract traded along either side of $1.915 through 2:00PM.  Despite expectations for increased demand as high temperatures return to the forecast and businesses reopen, prices fell in the final minutes of the day as July closed lower on Wednesday at $1.881.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 103 BCF injection to storage for the week ended May 22nd. This compares to a 114 BCF injection at this time last year and a five-year average injection amount of 93 BCF.

As of 8:20AM EST this morning in Globex, WTI Crude was down 22 cents; Natural Gas was down slightly; Heating Oil was down two cents; and Gasoline was down one cent.

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