June 16, 2023
Thursday, June 15
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.412, seven cents above Wednesday’s closing price of $2.342. Marking the intraday low of $2.406 soon after the opening bell, prices rose to the $2.430 level leading up to the weekly storage publication as the weather driven rally continued. Directed higher as the bullish report hit the wire, the contract crossed midday at $2.506 and ascended to a four-week intraday high of $2.568 at 1:30PM. July closed higher on Thursday at $2.533.
The EIA Natural Gas Storage Report published on Thursday showed an 84 BCF injection to storage for the week ended June 9 – below the market estimate of 90 BCF. Total working gas in storage was reported as 2,634 BCF; 26.5% above this time last year and 15.5% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was down 60 cents; Natural Gas was up five cents; Heating Oil was down slightly; and Gasoline was unchanged.
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