Friday, June 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.586, two cents below Thursday’s closing price of $2.608. Losing ground early on to record the intraday low of $2.520 by 9:15AM, the contract then mounted a steady ascent that would span the balance of the day. With summer cooling demand finally showing some life, prices rose to cross midday at $2.612 and tallied an intraday high of $2.735 at 2:25PM. July closed higher on Friday at $2.729; up nearly 4% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 95 BCF injection to storage for the week ended June 16 – above the market estimate of 86 BCF. Total working gas in storage was reported as 2,729 BCF; 26.5% above this time last year and 15.3% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up 38 cents; Natural Gas was unchanged; Heating Oil was up three cents; and Gasoline was up one cent.
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