Friday, May 16th saw the front-month NYMEX Natural Gas contract open at $3.362, even with Thursday’s closing price of $3.362. Ascending to an intraday high of $3.447 at 9:45AM, prices then pulled back as production remains healthy and forecasts for bearish weather conditions. Crossing midday at $3.346, the contract fell to an intraday low of $3.306 at 2:05PM. June closed lower on Friday at $3.334.
The EIA Natural Gas Storage Report published last Thursday posted a 110 BCF injection to storage for the week ended May 9 – in line with the market estimate of a 109 BCF injection. Total working gas in storage was reported as 2,255 BCF; 14.3% below this time last year and 2.6% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was down $0.770; Natural Gas was down $0.095; Heating Oil was down $0.022; and Gasoline was down $0.029.
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