June 25, 2021
Thursday, June 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.325, a penny below Wednesday’s closing price of $3.333. Rising modestly ahead of the weekly storage publication, prices surged higher as the bullish report hit the wire. Following a brief lull, the contract continued higher ahead of midday. Rising to an intraday high of $3.442 at 1:15PM, the highest intraday mark since January of 2019, expected July demand kept the contract elevated throughout the afternoon. July closed higher on Thursday at $3.418.
The EIA Natural Gas Storage Report published on Thursday showed a 55 BCF injection to storage for the week ended June 18
th – below the market estimate of 65 BCF. Total working gas in storage was reported as 2,482 BCF; 17.1% below this time last year and 5.8% below the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was up four cents; Heating Oil was up slightly; and Gasoline was down one cent.
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