June NYMEX Natural Gas Futures Contract Closed at $7.385 on Tuesday, May 10th

Market Insights
Natural Gas
May 11, 2022
Tuesday, May 10th saw the June NYMEX Natural Gas Futures Contract open at $6.516, fifty-one cents below Monday’s closing price of $7.026. Tallying the intraday low of $6.505 within minutes of the open, prices then surged higher as profit-taking subsided, and traders looked to heavy cooling demand, production woes, and healthy LNG exports. Reaching an intraday high of $7.407 10:30AM, the contract traded within a ten-cent band near $7.280 through 2:00PM, as June closed higher on Tuesday at $7.385.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 54 BCF injection to storage for the week ended May 6. This compares to a 71 BCF injection at this time last year and a five-year average injection amount of 82 BCF.

As of 6:30AM EST this morning in Globex, WTI Crude was up $3.28; Natural Gas was up ten cents; Heating Oil was up 11 cents; and Gasoline was up five cents.
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