Natural Gas Contract Trends and Price Fluctuations

Friday, May 22^ndsaw the front-month NYMEX Natural Gas contract open at $2.948, $0.070 below Thursday’s closing price of $3.018. Recording the intraday high of $2.972 at 9:30AM, the contract then continued the overnight descent as storage levels remained elevated and forecasts failed to impress. Stabilizing near $2.900 at 1:00PM, prices fell to an intraday low of $2.888 ahead of 2:30PM. June closed lower on Friday at $2.907; down 1.8% on the week.

The EIA Natural Gas Storage Report published last Thursday posted a 101 BCF injection to storage for the week ended May 15 – in line with the market estimate of 99 BCF. Working gas in storage was reported as 2,391 BCF; 1.4% above this time last year and 6.6% above the five-year average.

As of 6:05AM this morning in Globex, WTI Crude was down $4.100; Natural Gas was up $0.047; Heating Oil was down $0.082; and Gasoline was up $0.150.

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