June NYMEX Natural Gas Futures Contract Closed at $2.596 on Thursday, May 9th

Thursday, May 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.589, two cents below Wednesday’s closing price of $2.610.  Trading sideways along $2.585 through 10:30AM, the contract seemed unfazed by the EIA’s storage report of an injection on the lower side of expectations.  Slipping to the intraday low of $2.561 at 11:10AM, buyers soon entered the market to mount an ascent spanning into the afternoon.  Reaching an intraday high of $2.597 ahead of 2:00PM, June closed lower on Thursday at $2.596.

The EIA Natural Gas Storage Report published on Thursday showed an 85 BCF injection to storage for the week ended May 3rd – below the market estimate of 90 BCF.  Total working gas in storage was reported as 1,547 BCF; 9.0% above this time last year and 16.4% below the five-year average.

As of 8:40 EST this morning in Globex, WTI Crude was up 12 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up two cents. 
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