NYMEX Natural Gas Futures Contract May prompt month +US$0.034/MMBtu at $2.307, high of $2.312, low of $2.17, range of $0.142 | Summer 2023 -$0.026 at $2.59, Winter 2023 -$0.021 at $3.632.
Market Fundamentals You know the prompt month is about to roll over when it decouples from the rest of the curve! May 2023 settled up while the months following fell as option traders look to settle their positions in the money. Call option open interest for the previous day sat at 9,341 contracts, so a settle at $2.307 gave each call option holder a gain of $570. Tomorrow will most likely also show some volatility as the last day of trading. Weather continues to remain cold going into May, but this weekend looks to be the coldest in a while with warmth creeping. The market continues to keep prices low with high storage inventories, a trend that looks to hold steady for the summer. ~CL