June 2, 2023
Thursday, June 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.200, nearly seven cents below Wednesday’s closing price of $2.266. Achieving the intraday high as the opening bell rang, prices retreated to the $2.170 level ahead of the weekly storage publication. Falling to the intraday low of $2.136 by 11:15AM, bearish market fundamentals have traders in a holding position. Trading sideways along $2.165 for the balance of the day, July closed lower on Thursday at $2.158.
The EIA Natural Gas Storage Report published on Thursday showed a 110 BCF injection to storage for the week ended May 26 – in line with the market estimate of 107 BCF. Total working gas in storage was reported as 2,446 BCF; 29.5% above this time last year and 16.6% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was up two cents; Heating Oil was up three cents; and Gasoline was up four cents.
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