July NYMEX Natural Gas Futures Contract Closed at $3.296 on Friday, June 11th

Friday, June 11th saw the front-month NYMEX Natural Gas Futures Contract open at $3.236, nine cents above Thursday’s closing price of $3.149.  Supported by an expected increase in cooling demand to close out the month, prices rose overnight and continued well into the day.  Marking an intraday low of $3.235 early on, the contract surpassed $3.280 by midday and achieved a six-month intraday high of $3.330 at 1:50PM as concerns regarding reduced pressure on the TETCO pipeline persist.  July closed higher on Friday at $3.296, up 6% on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended June 4th – in line with the market estimate of 100 BCF.  Total working gas in storage was reported as 2,411 BCF; 13.7% below this time last year and 2.2% below the five-year average.

As of 6:50AM EST this morning in Globex, WTI Crude was up 45 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up two cents.
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