July NYMEX Natural Gas Futures Contract Closed at $3.253 on Thursday, June 17th

Thursday, June 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.220, three cents below Wednesday’s closing price of $3.251.  Climbing to $3.225 ahead of the weekly storage publication, prices spiked to $3.258 as the report hit the wire at 10:30AM.  Withdrawing in the following twenty minutes to record an intraday low of $3.187, the contract chopped around the $3.210 level heading into the afternoon.  Finding support to close out the day, marking an intraday high of $3.258 at 2:20PM, July closed nearly flat on Thursday at $3.253.

The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended June 11th – below the market estimate of 74 BCF. Please note a reclassification of working gas to base gas of 51 BCF in the Pacific region; the implied net change for the week is an addition of 67 BCF. Total working gas in storage was reported as 2,427 BCF; 15.7% below this time last year and 4.9% below the five-year average.

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