May 10, 2023
Tuesday, May 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.278, four cents above Monday’s closing price of $2.238. Marking the intraday high of $2.297 within minutes of the open, prices remained elevated overnight as wildfires broke in Canada’s Alberta province, causing significant disruptions to energy production. Per Reuters, “Canadian natural gas exports to the United States fell to 6.7 billion cubic feet per day (bcfd) on Sunday, the lowest since April 2021.” Dropping to the intraday low of $2.212 by 10:15AM, the contract rose modestly throughout the day to reclaim the $2.270 level. June closed higher on Tuesday at $2.267.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended May 5. This compares to a 76 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was down 81 cents; Natural Gas was down four cents; Heating Oil was down one cent; and Gasoline was flat.
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