July NYMEX Natural Gas Futures Contract Closed at $3.075 on Wednesday, June 2nd

Wednesday, June 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $3.103, nearly even to Tuesday’s closing price of $3.104.  Marking an intraday high of $3.116 at 9:30AM, the contract hovered near $3.110 until 10:00AM.  Losing ground ahead of midday to trade near $3.065, prices rose modestly into the afternoon due to a bullish weather system that will cover much of the country in the coming week.  July closed lower on Wednesday at $3.075.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 107 BCF injection to storage for the week ended May 28th.  This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 96 BCF.

As of 6:10AM EST this morning in Globex, WTI Crude was down 16 cents; Natural Gas was down one cent; Heating Oil was down slightly; and Gasoline was down slightly.

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