June 30, 2023
Thursday, June 29
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.625, four cents below Wednesday’s closing price of $2.668. Marking the intraday low of $2.616 within minutes of the opening bell, prices rose to trade along $2.655 leading up to the weekly storage publication. Surging upward as the bullish report hit the wire, the contract tallied an intraday high of $2.746 at 10:50AM. Trading within a two-cent band of $2.710 for the duration of the afternoon, August closed higher on Thursday at $2.701.
The EIA Natural Gas Storage Report published on Thursday showed a 76 BCF injection to storage for the week ended June 23 – below the market estimate of 81 BCF. Total working gas in storage was reported as 2,805 BCF; 25.3% above this time last year and 14.6% above the five-year average.
As of 8:20AM EST this morning in Globex, WTI Crude was down five cents; Natural Gas was down four cents; Heating Oil was down one cent; and Gasoline was down two cents.
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