Natural Gas Prices Holding Steady This Week

Tuesday, May 13^th saw the front-month NYMEX Natural Gas contract open at $3.682, $0.036 cents above Monday’s closing price of $3.646. Marking the intraday high of $3.703 ahead of 9:10AM and the intraday low of $3.573 at 11:05AM, the market is seemingly in a holding position. Rangebound near $3.600 the past two weeks, traders are eyeing steady production levels against the imminent increase in cooling demand. Trading sideways into the afternoon, June closed nearly flat on Tuesday at $3.647.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 109 BCF injection to storage for the week ended May 9. This compares to a 71 BCF injection this time last year and a five-year average injection amount of 83 BCF.

As of 6:45AM this morning in Globex, WTI Crude was down $0.690; Natural Gas was down $0.092; Heating Oil was down $0.006; and Gasoline was down $0.020.

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