Thursday, June 2nd saw the July NYMEX Natural Gas Futures Contract open at $8.975, twenty-eight cents above Wednesday’s closing price of $8.696. Trading along either side of $8.920 through the day’s opening ninety minutes, marking the intraday high of $9.003 at 9:15AM, the contract then plummeted as the bearish storage report hit the wire. Slipping to an intraday low of $8.377 at 10:55AM, a midday recovery effort ultimately failed as July closed lower on Thursday at $8.485.
The EIA Natural Gas Storage Report published on Thursday showed a 90 BCF injection to storage for the week ended May 27 – above the market estimate of 82 BCF. Total working gas in storage was reported as 1,902 BCF; 17.3% below this time last year and 15.1% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down 86 cents; Natural Gas was down 12 cents; Heating Oil was up four cents; and Gasoline was unchanged.
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