July NYMEX Natural Gas Futures Contract Closed at $1.638 on Wednesday, June 17th

Wednesday, June 17th saw the front-month NYMEX Natural Gas Futures Contract open at $1.619, just above Tuesday’s closing price of $1.614.  Seeking direction early on, prices rose to an intraday high of $1.647 by 10:20AM as above-average temperatures are expected for the back end of June.  Falling to an intraday low of $1.610 at 1:00PM, the contract ascended into 2:30PM as July closed higher on Wednesday at $1.638.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 85 BCF injection to storage for the week ended June 12th. This compares to a 115 BCF injection at this time last year and a five-year average injection amount of 87 BCF.

As of 6:50AM EST this morning in Globex, WTI Crude was up 40 cents; Natural Gas was up slightly; Heating Oil was up one cent; and Gasoline was up one cent.

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