May NYMEX Natural Gas Futures Contract Closed at $2.344 on Tuesday, May 14th

Market Insights
Natural Gas
Basis
NYMEX
May 15, 2024
Tuesday, May 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.318, six cents below Monday’s closing price of $2.381. Hampered early on by updated fundamentals, maintenance limiting exports and weather forecasts, prices recorded an intraday low of $2.317 within minutes of the open. Ascending from there to record the intraday high of $2.397 at 11:45AM, the contract fluctuated along $2.360 throughout the afternoon. June closed lower on Tuesday at $2.344.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 77 BCF injection to storage for the week ended May 10th. This compares to a 99 BCF injection this time last year and a five-year average injection amount of 90 BCF.

As of 6:55AM EST this morning in Globex, WTI Crude was down 17 cents; Natural Gas was up one cent; Heating Oil was flat; and Gasoline was up one cent.
                                                                                                 
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.