Thursday, May 21st saw the front-month NYMEX Natural Gas contract open at $3.028, $0.024 above Wednesday’s closing price of $3.004. Seeking direction early on as prices rose to $3.065 by 9:15AM and tallied an intraday low of $2.993 at 10:35AM following the weekly storage publication. Rebounding to achieve the intraday of $3.066 at 11:45AM, the contract then withdrew into the afternoon as bearish weather expectations dominated market sentiment. June closed higher on Thursday at $3.018.
The EIA Natural Gas Storage Report published on 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 7:35AM this morning in Globex, WTI Crude was up $2.120; Natural Gas was down $0.010; Heating Oil was up $0.128; and Gasoline was up $0.099.
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