June 2, 2022
Wednesday, June 1
st saw the July NYMEX Natural Gas Futures Contract open at $8.316, seventeen cents above Tuesday’s closing price of $8.145. Ascending from the intraday low of $8.297 with minutes of the opening bell, the contract surpassed $8.540 by 9:30AM and $8.640 by midday. Recording an intraday high of $8.770 at 1:15PM, production woes supported the session’s rally. July closed higher on Wednesday at $8.696.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended May 27. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 100 BCF.
As of 7:08AM EST this morning in Globex, WTI Crude was down $3.05; Natural Gas was up nine cents; Heating Oil was down nine cents; and Gasoline was down seven cents.
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