May NYMEX Natural Gas Futures Contract Closed at $2.207 on Tuesday, May 7th

Market Insights
Natural Gas
Basis
NYMEX
May 8, 2024
Tuesday, May 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.173, two cents above Monday’s closing price of $2.195. Tallying the intraday low of $2.163 by 9:15AM, prices rose to tally the intraday high of $2.224 an hour later. The contract found support throughout the session from pipeline maintenance induced production declines and above average temperatures in the South. Trading along $2.20 for the majority of the afternoon, June closed higher on Tuesday at $2.207.

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 3rd. This compares to a 78 BCF injection this time last year and a five-year average injection amount of 81 BCF.

As of 6:50AM EST this morning in Globex, WTI Crude was down 72 cents; Natural Gas was up four cents; Heating Oil was down three cents; and Gasoline was down four cents.
                                 
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