June NYMEX Natural Gas Futures Contract Closed at $2.958 on Friday, May 7th

Friday, May 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.941, a penny above Thursday’s closing price of $2.928.  Trending lower to reach an intraday low of $2.905 at 10:20AM, prices were quick to rebound.  Climbing confidently to achieve an intraday high of $2.989 at 12:30PM, strong LNG exports and a focus on summer cooling demand are currently underpinning the market.  June closed higher on Friday at $2.958.

The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF injection to storage for the week ended April 30th – in line with the market estimate of 66 BCF. Total working gas in storage was reported as 1,958 BCF; 15.0% below this time last year and 3.0% below the five-year average.

As of 6:20AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was down two cents; Heating Oil was up two cents; and Gasoline was up three cents.
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