Thursday, June 25th saw the front-month NYMEX Natural Gas Futures Contract open at $1.558, four cents below Wednesday’s closing price of $1.597. Tallying an intraday high of $1.562, prices then trended lower to reach the $1.530 level ahead of 10:30AM. Breaking through multiple resistance levels as the bearish storage report hit the wire, it’s become clear that demand has yet to return to normal as states reopen businesses. Falling to a new 25-year low of $1.463 at midday, July was unable to recover, closing lower on Thursday at $1.482. Set to take the prompt-month position on Month, the August contract closed eleven cents lower at $1.546.
The EIA Natural Gas Storage Report published on Thursday showed a 120 BCF injection to storage for the week ended June 19th – heartily above the market estimate of 97. Total working gas in storage was reported as 3,012 BCF: 32.5% above this time last year and 18.3% above the five-year average.
As of 8:25AM EST this morning in Globex, WTI Crude was down 40 cents; Natural Gas was down three cents; Heating Oil was unchanged; and Gasoline was unchanged.
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