May NYMEX Natural Gas Futures Contract Closed at $2.187 on Wednesday, May 8th

Market Insights
Natural Gas
Basis
NYMEX
May 9, 2024
Wednesday, May 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.248, four cents above Tuesday’s closing price of $2.207. Carrying over the previous day’s fundamentals to attain a three-month intraday high of $2.257 within minutes of the open, prices then withdrew to stabilize near $2.205 by 10:00AM. Weighed down by storage surplus concerns and profit-taking, the contract fell to an intraday low of $2.167 by 1:15PM. June closed lower on Wednesday at $2.187.

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 6:45AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up three 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.
 
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