May NYMEX Natural Gas Futures Contract Closed at $2.301 on Thursday, May 9th

Market Insights
Natural Gas
May 10, 2024
Thursday, May 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.196, a penny above Wednesday’s closing price of $2.187. Recording the intraday low as the opening bell rang, the con-tract found support early on to reach the $2.260 level ahead of the weekly storage report. Jumping to a fresh three-month intraday high of $2.313 following the publication’s release, the injection landed on the low side of expectations, adding fuel to existing bullish sentiment. Trading along either side of $2.290 through the afternoon, June closed higher on Thursday at $2.301.

The EIA Natural Gas Storage Report published on Thursday showed a 79 BCF injection to storage for the week ended May 3 – in line with the market estimate 82 BCF. Total working gas in storage was reported as 2,563 BCF; 21.0% above this time last year and 33.3% above the five-year average.

As of 7:10AM EST this morning in Globex, WTI Crude was up 61 cents; Natural Gas was up one cent; Heating Oil was up slightly; and Gasoline was up two cents.

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