Tuesday, May 20th saw the front-month NYMEX Natural Gas contract open at $3.162, $0.172 below Monday’s closing price of $3.113. Marking the intraday low of $3.231 ahead of 9:05AM, prices continued their pre-market ascent as traders found value in the recently diminished contract. Keeping an eye on next week’s contract settlement, prices rose to cross midday at $3.387. Tallying an intraday high of $3.446 at 2:25PM, June closed higher on Tuesday at $3.427.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 118 BCF injection to storage for the week ended May 16. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 87 BCF.
As of 6:45AM this morning in Globex, WTI Crude was up $0.520; Natural Gas was down $0.003; Heating Oil was up $0.013; and Gasoline was up $0.017.
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