Tuesday, June 29th saw the front-month NYMEX Natural Gas Futures Contract open at $3.718, nearly thirteen cents above Monday’s closing price of $3.593. Surging higher throughout the morning to attain a multi-year intraday high of $3.811 ahead of 11:00AM, sustained heat in much of the country and cooling demand provided support. Retreating for the balance of the day as traders got ahead of themselves, prices fell to an intraday low of $3.626 before 2:30PM. August closed higher on Tuesday at $3.630.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 72 BCF injection to storage for the week ended June 25th. This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 65 BCF.
As of 7:45AM EST this morning in Globex, WTI Crude was up 78 cents; Natural Gas was up six cents; Heating Oil was unchanged; and Gasoline was down two cents.
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