Natural Gas Insights for Investors in Twenty-Twenty

Wednesday, May 27th saw the front-month NYMEX Natural Gas contract open at $2.926, $0.032 above Tuesday’s closing price of $2.894. Trading higher throughout the session, June settled higher at $3.040.

Ready to assume the front-month position, the July contract opened at $3.027 on Wednesday, $0.017 above Tuesday’s closing price of $3.010. Looking past healthy storage levels in favor of impending cooling demand, the contract marked the intraday low of $3.026 within minutes of the open. Surging higher until marking the intraday high of $3.150 at 2:00PM, July closed higher on Wednesday at $3.095.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 94 BCF injection to storage for the week ended May 22. This compares to a 101 BCF injection this time last year and a five-year average injection amount of 97 BCF.

As of 6:40AM this morning in Globex, WTI Crude was up $1.800; Natural Gas was down $0.027; Heating Oil was up $0.039; and Gasoline was up $0.049.

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