Wednesday, June 26th saw the front-month NYMEX Natural Gas Futures Contract open at $2.685, seven cents below Tuesday’s closing price of $2.756. Trending lower as settlement drew near, July closed lower on Wednesday at $2.628.
The more actively traded August contract opened six cents lower at $2.805. Recording the intraday high of $2.815, the contract withdrew throughout the day despite persistent above average forecasted temperatures, as analysts weighed current supply levels and future LNG demand. Marking the intraday low of $2.731 at 2:20PM, August closed lower on Wednesday at $2.745.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 55 BCF injection to storage for the week ended June 21st. This compares to a 76 BCF injection this time last year and a five-year average injection amount of 85 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was up 31 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was flat.
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