June 7, 2023
Tuesday, June 6
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.201, four cents below Monday’s closing price of $2.245. Digesting the updated bullish weather forecasts overnight, the contract pulled back slightly, marking the intraday low of $2.192 within minutes of the opening bell. Surpassing $2.270 shortly after 10:00AM, prices rose to tally the intraday high of $2.291 at 11:00AM. Falling to trade along the $2.250 level into the afternoon, July closed higher on Tuesday at $2.262.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 117 BCF injection to storage for the week ended June 2. This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 100 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was up 90 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up slightly.
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