Friday, May 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.982, two cents below Wednesday’s closing price of $2.973. Marking an intraday high of $2.996 soon after the opening bell, prices slipped lower throughout the morning. Finding support near $2.960 at 11:00AM and marking an intraday low of $2.945 at 12:20PM, the contract traded sideways into the afternoon. June closed lower on Friday at $2.961.
The EIA Natural Gas Storage Report published on Thursday showed a 71 BCF injection to storage for the week ended May 7th – in line with the market estimate of 73 BCF. Please note a reclassification of work gas to base gas in the South Central region decreased working gas stocks by four BCF, making the implied net change +75 BCF. Total working gas in storage was reported as 2,029 BCF; 15.7% below this time last year and 3.4% below the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was up three cents; Natural Gas was up eight cents; Heating Oil was up slightly; and Gasoline was up one cent.
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