Monday, May 19th saw the front-month NYMEX Natural Gas contract open at $3.162, $0.172 below Friday’s closing price of $3.334. Recording the intraday high of $3.186 within minutes of the opening bell, mild weather forecasts and steady production applied bearish pressure throughout the session. Trending lower to cross midday at $3.148, prices fell to an intraday low of $3.112 ahead of 2:30PM. June closed lower on Monday at $3.113.
The EIA Natural Gas Storage Report published last Thursday posted a 110 BCF injection to storage for the week ended May 9 – in line with the market estimate of a 109 BCF injection. Total working gas in storage was reported as 2,255 BCF; 14.3% below this time last year and 2.6% above the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was down $0.150; Natural Gas was up $0.055; Heating Oil was up $0.007; and Gasoline was flat.
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