Wednesday, June 24th saw the front-month NYMEX Natural Gas Futures Contract open at $1.641, just above Tuesday’s closing price of $1.637. Posting a staggered climb to reach an intraday high of $1.652 at 10:20AM, the contract fell gradually lower throughout the day as reopening economies have been hampered by a resurgence in COVID-19 cases, and lower than expected cooling demand. Touching down to an intraday low of $1.585 ahead of 2:30PM, July closed lower on Wednesday at $1.597. The August contract closed three cents lower at $1.661.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 97 BCF injection to storage for the week ended June 19th. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 73 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was down 74 cents; Natural Gas was down five cents; Heating Oil was down three cents; and Gasoline was down six cents.
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