June 17, 2021
Wednesday, June 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.204, four cents below Tuesday’s closing price of $3.240. Tagging an intraday low of $3.195 soon after the opening bell, prices rose steadily to reach an intraday high of $3.274 at 11:00AM. Recovering after to previous session’s sell-off, concerns regarding the TETCO pressure reduction and increased cooling demand provided enough support to hold onto these gains for the rest of the day. July closed slightly higher on Wednesday at $3.251.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 74 BCF injection to storage for the week ended June 11
th. This compares to an 85 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 6:45AM EST this morning in Globex, WTI Crude was down 14 cents; Natural Gas was down three cents; Heating Oil was down one cent; and Gasoline was down one cent.
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