Natural Gas: Weekly Performance and Forecast Trends

Thursday, May 28th saw the front-month NYMEX Natural Gas contract open at $3.075, $0.020 below Wednesday’s closing price of $3.095. Marking the intraday low of $3.071 ahead of 9:05AM, the contract then rallied to attain the $3.160 level by 10:00AM as expectations for short-term cooling demand impressed analysts. Continuing higher following a historically bullish storage injection, prices surged thru midday to mark to a near four-month intraday high of $3.289 at 2:25PM. July closed higher on Thursday at $3.285.

The EIA Natural Gas Storage Report published on Thursday posted a 92 BCF injection to storage for the week ended May 22 – in line with the market estimate of 94 BCF. Working gas in storage was reported as 2,483 BCF; 0.9% above this time last year and 6.2% above the five-year average.

As of 7:20AM this morning in Globex, WTI Crude was down $1.700; Natural Gas was up $0.048; Heating Oil was down $0.028; and Gasoline was down $0.041.

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