Thursday, June 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.850, nine cents above Wednesday’s closing price of $2.757. Recording an intraday high of $2.877 at 9:35AM as the contract continued to find support from the latest forecasts, prices traded near $2.850 ahead of the weekly storage publication. Directed lower by the bearish report, the contract fell to $2.770 at 11:00AM and tallied an intraday low of $2.738 at midday. Trading sideways into the afternoon, July closed higher on Thursday at $2.821.
The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended May 31 – above the market estimate 86 BCF. Total working gas in storage was reported as 2,893 BCF; 14.8% above this time last year and 25.1% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was up four cents; Heating Oil was up one cent; and Gasoline was up one cent.
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