Wednesday, May 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.584, three cents below Tuesday’s closing price of $2.613. Tallying the intraday high of $2.592 within minutes of opening, selling pressure continued to weigh on prices as forecasts turn bearish for early June. Crossing midday near $2.570, the contract continued its descent until reaching a two-week intraday low of $2.538 at 2:20PM. June closed lower on Wednesday at $2.543.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 102 BCF injection to storage for the week ended May 17th. This compares to a 91 BCF injection at this time last year and a five-year average injection amount of 88 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.41; Natural Gas was up three cents; Heating Oil was down four cents; and Gasoline was down three cents.
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