Natural Gas Storage Report Expectations for Thursday

Wednesday, May 28^th saw the front-month NYMEX Natural Gas contract open at $3.425, $0.027 above Tuesday’s closing price of $3.398. Trending lower throughout the session, June settled lower on Wednesday at $3.204.

Ready to assume the front-month position, the July contract opened at $3.768, $0.024 above Wednesday’s closing price of $3.744. Recording the intraday high of $3.770 within minutes of the opening bell, prices cascaded lower into the morning due to short-term bearish forecasts and settlement volatility. Falling to record the intraday low of $3.552 at 2:05PM, July closed lower on Wednesday at $3.557.

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 7:00AM this morning in Globex, WTI Crude was up $0.200; Natural Gas was down $0.002; Heating Oil was up $0.001; and Gasoline was up $0.019.

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