July NYMEX Natural Gas Futures Contract Closed at $3.418 on Thursday, June 24th

Thursday, June 24th saw the front-month NYMEX Natural Gas Futures Contract open at $3.325, a penny below Wednesday’s closing price of $3.333.  Rising modestly ahead of the weekly storage publication, prices surged higher as the bullish report hit the wire.  Following a brief lull, the contract continued higher ahead of midday. Rising to an intraday high of $3.442 at 1:15PM, the highest intraday mark since January of 2019, expected July demand kept the contract elevated throughout the afternoon.  July closed higher on Thursday at $3.418.

The EIA Natural Gas Storage Report published on Thursday showed a 55 BCF injection to storage for the week ended June 18th – below the market estimate of 65 BCF.  Total working gas in storage was reported as 2,482 BCF; 17.1% below this time last year and 5.8% below the five-year average.

As of 7:25AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was up four cents; Heating Oil was up slightly; and Gasoline was down one cent.

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