Natural Gas Weekly Review: Key Price Movements

Thursday, May 14th saw the front-month NYMEX Natural Gas contract open at $2.825, $0.039 below Wednesday’s closing price of $2.864. Falling to an intraday low of $2.798 at 9:50AM, prices were trading at $2.810 ahead of the weekly EIA report. Finding support following the as-expected storage injection, prices rose through the morning to cross midday at $2.892. Reaching the intraday high of $2.916 at 12:35PM, June closed higher on Thursday at $2.894.

The EIA Natural Gas Storage Report published on Thursday posted an 85 BCF injection to storage for the week ended May 8 – in line with the market estimate of 87 BCF. Working gas in storage was reported as 2,290 BCF; 2.3% above this time last year and 6.5% above the five-year average.

As of 6:20AM this morning in Globex, WTI Crude was up $3.590; Natural Gas was up $0.024; Heating Oil was up $0.119; and Gasoline was down $0.044.

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