June NYMEX Natural Gas Futures Contract Closed at $1.944 on Wednesday, May 6th

Wednesday, May 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.035, ten cents below Tuesday’s closing price of $2.134.  Tallying the intraday high of $2.036 as markets opened, the contract cascaded lower into the morning as momentum from the previous session’s rally faded.  Stabilizing near $1.970 by 10:30AM, prices traded sideways into the afternoon.  Slipping to an intraday low of $1.935 ahead of 2:30PM, June closed lower on Monday at $1.944.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 105 BCF injection to storage for the week ended April 30th. This compares to an 85 BCF injection at this time last year and a five-year average injection amount of 74 BCF.

As of 7:45AM EST this morning in Globex, WTI Crude was up $2.41; Natural Gas was down one cent; Heating Oil was up five cents; and Gasoline was up seven cents.

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