Natural Gas Insights: Weekly Storage Reports Explained

Tuesday, May 19th saw the front-month NYMEX Natural Gas contract open at $3.054, $0.030 above Monday’s closing price of $3.024. Falling to an intraday low $3.033 within minutes of the opening bell, increased short-term cooling demand directed prices higher for a second session. Overlooking reduced LNG exports, the contract rose to $3.079 by midday and achieved an intraday high of $3.115 at 1:20PM. June closed higher on Tuesday at $3.114.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 99 BCF injection to storage for the week ended May 15. This compares to a 120 BCF injection this time last year and a five-year average injection amount of 92 BCF.

As of 6:30AM this morning in Globex, WTI Crude was down $1.910; Natural Gas was down $0.024; Heating Oil was down $0.121; and Gasoline was down $0.075.

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