June NYMEX Natural Gas Futures Contract Closed at $2.214 on Tuesday, May 2nd

Market Insights
Natural Gas
May 3, 2023
Tuesday, May 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.257, six cents below Monday’s closing price of $2.318. Recording the intraday high of $2.262 within minutes of the open, the contract posted a gradual pull back throughout the day as weather forecasts remain comfortable in key demand areas. Crossing midday at $2.218 and marking the intraday low of $2.186 at 1:20PM, June closed lower on Tuesday at $2.214.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 50 BCF injection to storage for the week ended April 28. This compares to a 77 BCF injection at this time last year and a five-year average injection amount of 78 BCF.

As of 6:50AM EST this morning in Globex, WTI Crude was down $2.27; Natural Gas was down three cents; Heating Oil was down six cents; and Gasoline was down six cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.