Natural Gas Report: Storage and Price Fluctuations

Friday, June 5th saw the front-month NYMEX Natural Gas contract open at $3.295, $0.041 below Thursday’s closing price of $3.336. Recording the intraday high of $3.312, prices then dwindled lower. Following two days of notable gains, profit taking took hold despite healthy forecasted cooling demand. Stabilizing near $3.225 shortly after midday, marking the intraday low of $3.209 at 1:15PM, July closed lower on Friday at $3.229; down 1.9% on the week.

The EIA Natural Gas Storage Report published last Thursday posted a 95 BCF injection to storage for the week ended May 29 – in line with the market estimate of 98 BCF. Working gas in storage was reported as 2,578 BCF; 0.1% below this time last year and 5.7% above the five-year average.

As of 6:55AM this morning in Globex WTI Crude was up $3.330; Natural Gas was down $0.103; Heating Oil was up $1.290; and Gasoline was up $0.089.

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