Natural Gas Prices and Market Trends Explained

Friday, May 8th saw the front-month NYMEX Natural Gas contract open at $2.796, $0.027 above Thursday’s closing price of $2.769. Reaching an intraday high of $2.845 by 9:15AM, prices then trended lower to cross midday at $2.802. Falling to an intraday low of $2.747 at 2:15PM, June closed lower on Friday at $2.757.

The EIA Natural Gas Storage Report published on Thursday posted a 63 BCF injection to storage for the week ended May 1 – below the market estimate of 71 BCF. Working gas in storage was reported as 2,205 BCF; 3.5% above this time last year and 6.8% above the five-year average.

As of 7:30AM this morning in Globex, WTI Crude was up $2.500; Natural Gas was up $0.080; Heating Oil was up $0.062; and Gasoline was up $0.089.

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