Thursday, May 5th saw the June NYMEX Natural Gas Futures Contract open at $8.430, nearly two cents above Wednesday’s closing price of $8.415. Trending lower trade near $8.300 by 9:30AM, the contract traded sideways leading up to the weekly storage publication. Slipping to an intraday low of $8.117 as the bearish report hit the wire, prices were quick to rebound as the contract crossed midday near $8.480. With seemingly endless bullish support, the contract rose to a fresh multi-year of $8.807 ahead of 2:30PM. June closed higher on Thursday at $8.783.
The EIA Natural Gas Storage Report published on Thursday showed a 77 BCF injection to storage for the week ended April 27 – above the market estimate of a 35 BCF injection. Total working gas in storage was reported as 1,567 BCF; 19.6% below this time last year and 16.3% below the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was up $2.31; Natural Gas was up 14 cents; Heating Oil was down three cents; and Gasoline was up five cents.
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