Natural Gas Market Update for June Seventeenth

Wednesday, June 17th saw the front-month NYMEX Natural Gas contract open at $3.197, $0.042 below Tuesday’s closing price of $3.239. Recording the intraday high of $3.198 as the opening bell rang, the contract withdrew through the opening hour to tally the intraday low of $3.121 at 10:00AM. Trading within a tight band near $3.150 for the balance of the session, steady production and a bearish short-term forecast limited any rallies. July closed lower on Wednesday at $3.145.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended June 12. This compares to a 95 BCF injection this time last year and a five-year average injection amount of 73 BCF.

As of 7:00AM this morning in Globex WTI Crude was down $1.460; Natural Gas was up $0.008; Heating Oil was down $0.072; and Gasoline was down $0.008.

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