July NYMEX Natural Gas Futures Contract Closed at $8.699 on Wednesday, June 8th

Wednesday, June 8th saw the July NYMEX Natural Gas Futures Contract open at $9.387, nine cents above Tuesday’s closing price of $9.293. Trading within a relatively tight band near $9.550 throughout the morning hours, marking a fresh 13-year high of $9.664 at 11:05AM, prices crossed midday near $9.580. A steep selloff shortly after 1:00PM saw the contract slip to an intraday low of $8.427 ahead of 2:00PM, per Leticia Gonzalez of Natural Gas Intelligence, “news of an explosion at the Freeport liquefied natural gas (LNG) terminal on the Texas coast took a hatchet to natural gas futures midweek.” This disruption will allow excess gas to flow back to meet domestic demand. July closed lower on Wednesday at $8.699.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 96 BCF injection to storage for the week ended June 3. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 100 BCF.

As of 7:40AM EST this morning in Globex, WTI Crude was down 30 cents; Natural Gas was down 46 cents; Heating Oil was up two cents; and Gasoline was up one cent.
 
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