Monday, June 29th saw the front-month NYMEX Natural Gas Futures Contract open at $1.638, seven cents above Friday’s closing price of $1.544. Marking an intraday low of $1.637 minutes after 9:00AM, pre-session momentum persisted well into the morning as prices surged more than 7% to tag an intraday high of $1.753 at 11:30AM. Analysts are attributing this rally to the announcement of the gas drilling giant Chesapeake Energy filing for chapter 11 bankruptcy on Sunday, fueling anticipation of a drop in production. Choppy trading throughout the afternoon saw August close higher on Monday at $1.709.
As of 8:20AM EST this morning in Globex, WTI Crude was down 64 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was unchanged.
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