Tuesday, May 31st saw the July NYMEX Natural Gas Futures Contract open at $8.492, nearly twenty-four cents below Friday’s closing price of $8.727. Ascending to an intraday high of $8.581 by 9:30AM, prices then chopped around a twenty-cent range until midday following steady production over the weekend and short-term bearish temperatures. Trending lower to close out the day, the contract marked an intraday low of $8.118 ahead of 2:30PM. July closed lower on Tuesday at $8.145.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 76 BCF injection to storage for the week ended May 27. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 100 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was up $1.56; Natural Gas was up 15 cents; Heating Oil was up 13 cents; and Gasoline was up ten cents.
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