The NYMEX natural gas futures strip moved higher on Monday finding support from above normal temperature forecasts through the 15 day forecast. The June 2013 contract opened at $4.089 and traded between $4.063 and $4.159/dth. It ended the day at $4.090, up 3.5 cents/dth. Early storage estimates for the week ended 5/17/13 are for an above average injection compared to prior years. Market analysts predict a storage build of approximately 90 Bcf, while last year’s build for the same time period was 75 Bcf. The EIA will release its weekly natural gas storage report on Thursday at 10:30 AM. The June 2013 crude oil contract continued upward for a 4th consecutive session and ended the day at $96.71/barrel, up 69 cents. The contract will expire today at the end of open outcry. Temperature forecasts in the 1-5 day range show above normal for the eastern half of the US and the southwest.
EIA Storage Chart 2013.pdf
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