Natural Gas Storage Insights for May Twenty-Two

Friday, May 29th saw the front-month NYMEX Natural Gas contract open at $3.379, $0.094 above Thursday’s closing price of $3.285. Marking an intraday high of $3.386 within minutes of the opening bell, summer demand forecasts provided support early on despite healthy storage levels. Stepping lower as the session drew on, prices crossed midday at $3.342 and tallied the intraday low of $3.281 ahead of 2:30PM. July closed higher on Friday at $3.290.

The EIA Natural Gas Storage Report published last Thursday posted a 92 BCF injection to storage for the week ended May 22 – in line with the market estimate of 94 BCF. Working gas in storage was reported as 2,483 BCF; 0.9% above this time last year and 6.2% above the five-year average.

As of 6:45AM this morning in Globex, WTI Crude was up $3.330; Natural Gas was up $0.061; Heating Oil was up $0.148; and Gasoline was up $0.093.

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