Friday, June 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.732, five cents above Thursday’s closing price of $2.685. Recording the intraday high as markets opened, the contract arced lower through the morning hours as steady production has taken the wind out of the bulls’ sails. Analysts are also keeping an eye on a couple of tropical storms that could impede production. Continuing its descent from $2.625 at midday, prices fell to a three-week intraday low of $2.594 ahead of 2:30PM. August closed lower on Friday at $2.601.
The EIA Natural Gas Storage Report published last Friday showed a 52 BCF injection to storage for the week ended June 21 – in line with the market estimate 55 BCF. Total working gas in storage was reported as 3,097 BCF; 11.3% above this time last year and 20.6% above the five-year average.
As of 5:50AM EST this morning in Globex, WTI Crude was up 29 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was up two cents.
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