Thursday, June 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.361, nearly two cents below Wednesday’s closing price of $2.378. Following a descent to $2.350 at 9:30AM, prices rose in the subsequent hour to reach an intraday high of $2.392 at 10:20AM. Dropping seven cents as the bearish report was released, the $2.33 level provided temporary resistance before ultimately sinking further. Tallying a new two-year intraday low of $2.305 at 1:00PM, July closed lower on Thursday at $2.324.
The EIA Natural Gas Storage Report published on Thursday showed a 119 BCF injection to storage for the week ended May 31st – above the market estimate of 110 BCF. Total working gas in storage was reported as 1,986 BCF; 10.1% above this time last year and 10.8% below the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up two cents.
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