May NYMEX Natural Gas Futures Contract Closed at $2.381 on Monday, May 13th

Market Insights
Natural Gas
Basis
NYMEX
May 14, 2024
Monday, May 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.272, two cents above Friday’s closing price of $2.252. Recording the intraday low of $2.266 within minutes of the opening bell, prices moved confidently higher throughout the day as forecasts turned supportive and production remains subdued. Recording another fresh three-month intraday high of $2.384 ahead of 2:30PM, June closed higher on Monday at $2.381.

The EIA Natural Gas Storage Report published last 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 7:35AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was down three cents; Heating Oil was down one cent; and Gasoline was down two cents.
                                                                                                       
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