June NYMEX Natural Gas Futures Contract Closed at $2.906 on Friday, May 21st

Friday, May 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.908, two cents below Thursday’s closing price of $2.925.  Marking an intraday low of $2.894 at 9:50AM and an intraday high of $2.921 by 10:30AM, bearish weather forecasts and an unsupportive storage injection drove prices lower on Friday.  Trading within a tight band near $2.910 for the balance of the day, June closed lower on Friday at $2.906.

The EIA Natural Gas Storage Report published on Thursday showed a 71 BCF injection to storage for the week ended May 14th – above the market estimate of 63 BCF.  Total working gas in storage was reported as 2,100 BCF; 15.7% below this time last year and 4.0% below the five-year average.

As of 6:45AM EST this morning in Globex, WTI Crude was up $1.19; Natural Gas was down five cents; Heating Oil was up three cents; and Gasoline was up four cents.
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