Daily Market Update May 27, 2022
Early Morning Update
The Jun ‘22 natural gas contract is trading down $0.45 at $8.45. The Jul ‘22 crude oil contract is down $0.66 at $113.43.
Summary
The June 2022 NYMEX contract expired on Thursday after another volatile session. The prompt month finished down $0.063 after trading in a wide ~$0.62 range. The market initially rallied after the EIA reported a somewhat disappointing storage report of +80 Bcf. That left storage with 1,812 Bcf, well behind last year and the benchmark 5-year average. The market stayed strong throughout the rest of the morning and into the early afternoon before crumbling right before the expiration. Over the past few days, there has been quite a bit of trading activity above $9, but the market has been unable to settle above that level, with prices falling late in the day. Is $9 a strong resistance level?
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