July NYMEX Natural Gas Futures Contract Closed at $2.378 on Wednesday, June 5th

Wednesday, June 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.407, a penny below Tuesday’s closing price of $2.416.  Shedding another penny within minutes of the opening bell, prices seesawed along $2.395 until 11:00AM, when $2.385 became the next support level.  With no supportive weather in the latest forecasts and supply levels sitting comfortably, the contract slipped to a fresh two-year intraday low of $2.376 before closing lower on Wednesday at $2.378.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 110 BCF injection to storage for the week ended May 31st.  This compares to a 92 BCF injection at this time last year and a five-year average injection amount of 102 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was up 42 cents; Natural Gas was down slightly; Heating Oil was up one cent; and Gasoline was up one cent. 
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