Thursday, May 12th saw the June NYMEX Natural Gas Futures Contract open at $7.383, twenty-six cents below Wednesday’s closing price of $7.640. Marking the intraday low of $7.271 out of the gate, prices rose aggressively to reach surpass $7.700 by 10:00AM. Jumping to $7.732 as the weekly storage publication hit the wire, the contract posted a staggered ascent to reach the intraday high of $7.790 at 1:30PM. As production concerns and short-term cooling demand provided support throughout the day, June closed higher on Thursday at $7.739.
The EIA Natural Gas Storage Report published on Thursday showed a 76 BCF injection to storage for the week ended May 6 – above the market estimate of a 64 BCF injection. Total working gas in storage was reported as 1,643 BCF; 18.6% below this time last year and 16.0% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up $2.02; Natural Gas was up 13 cents; Heating Oil was up one cent; and Gasoline was up 10 cents.
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