June NYMEX Natural Gas Futures Contract Closed at $2.321 on Tuesday, May 23rd

Market Insights
Natural Gas
May 24, 2023
Tuesday, May 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.376, two cents below Monday’s closing price of $2.400. Trading within a three-cent range of $2.360 for the majority of the morning, prices rose to tally the intraday high of $2.400 at 11:15AM. Losing ground heading into the afternoon, forecasts for early June remain unsupportive as the contract fell to the intraday low of $2.318 ahead of 2:30PM. June closed lower on Tuesday at $2.321.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF injection to storage for the week ended May 19. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 96 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was up $1.19; Natural Gas was up two cents; Heating Oil was up three cents; and Gasoline was up four 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.