Natural Gas Market Trends and Price Movements

Thursday, May 7th saw the front-month NYMEX Natural Gas contract open at $2.686, $0.044 below Wednesday’s closing price of $2.730. Recording the intraday low of $2.678 at 9:45AM, prices hovered near $2.695 leading up to the weekly storage publication. Surging to $2.780 following the bullish injection, the contract extended to achieve an intraday high of $2.813 at 12:15PM. Fighting to retain momentum as the broader energy market leaned bearish, June closed higher on Thursday at $2.769.

The EIA Natural Gas Storage Report published on Thursday posted a 63 BCF injection to storage for the week ended May 1 – below the market estimate of 71 BCF. Working gas in storage was reported as 2,205 BCF; 3.5% above this time last year and 6.8% above the five-year average.

As of 6:30AM this morning in Globex, WTI Crude was down $0.240; Natural Gas was up $0.032; Heating Oil was up $0.012; and Gasoline was down $0.016.

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