Thursday, June 15th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.945, a penny above Wednesday’s closing price of $2.933. Trading within a penny of $2.945 through the day’s opening ninety minutes, news of a bullish storage injection then drove prices drastically higher. With limited demand expected in the coming weeks, the lower-than-expected injection provided traders enough support to drive the contract over the $3.00 mark. Climbing as high at $3.062 ahead of midday, a modest mid-afternoon decline eventually subsided as prices rose to the intraday high of $3.066 at 2:00PM. July closed higher on Thursday at $3.056.
The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended June 9th – below the market estimate of 87 BCF. Total working gas in storage was reported as 2,709 BCF; 10.6% below this time last year and 9.2% above the five-year average.
This morning in Globex, WTI Crude was up 37 cents; Natural Gas was unchanged; Heating Oil was up two cents; and, Gasoline was up two cents. Additionally, cash prices were higher in New York and lower in New England.
Natural Gas Glossary
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