Natural Gas Price Movements on May 27th

Tuesday, May 27^th saw the front-month NYMEX Natural Gas contract open at $3.360, $0.026 above Friday’s closing price of $3.334. Falling to the intraday low of $3.272 by 9:25AM as fundamentals remained largely unchanged from last week, prices then rallied ahead of today’s impending settlement. Trading along the $3.360 level through midday as traders square their positions, the contract rose to the intraday high of $3.401 at 2:25PM. June closed higher on Tuesday at $3.398.

The more actively traded July contract finished $0.019 on the day at $3.744.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 97 BCF injection to storage for the week ended May 23. This compares to an 85 BCF injection this time last year and a five-year average injection amount of 98 BCF.

As of 7:10AM this morning in Globex, WTI Crude was up $0.580; Natural Gas was down $0.011; Heating Oil was up $0.020; and Gasoline was up $0.018.

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