June 30, 2022
Wednesday, June 29
th saw the August NYMEX Natural Gas Futures Contract open at $6.730, sixteen cents above Tuesday’s closing price of $6.570. Ascending to the intraday high of $6.783 at 10:00AM, the contract then withdrew, stabilizing at $6.540 by 11:30AM. Early gains that were supported bullish weather, soon lost there footing despite forecasts for strong cooling demand. Per Leticia Gonzales of NGI, the August contract “failed to hold onto early price gains amid weakening demand ahead of the holiday weekend.” Marking the intraday low of $6.445 at 1:00PM, August closed lower on Thursday at $6.498.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended June 24. This compares to a 76 BCF injection at this time last year and a five-year average injection amount of 73 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was down 72 cents; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down 13 cents.
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