June NYMEX Natural Gas Futures Contract Closed at $2.365 on Wednesday, May 17th

Market Insights
Natural Gas
May 18, 2023
Wednesday, May 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.395, two cents above Tuesday’s closing price of $2.376. Losing ground early on to record the intraday low of $2.322 at 9:30AM, traders seem to be digesting market factors such as declining production, low shoulder-month demand, and the current storage glut. Prices then rose gradually through the morning and into the afternoon to peak at an intraday high of $2.414 at 1:35PM. June closed lower on Wednesday at $2.365.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 110 BCF injection to storage for the week ended May 12. This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 91 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was down ten cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was unchanged.
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