Friday, June 6th saw the front-month NYMEX Natural Gas contract open at $3.701, $0.024 above Thursday’s closing price of $3.716. Recording the intraday high of $3.677. Recording the intraday low of $3.664 by 9:15AM, prices then hovered near $3.700 through midday. Pushed higher by updated weather forecasts called for increased cooling demand, the contract rose to an intraday high of $3.817 at 1:55PM. July closed higher on Friday at $3.784; up 9.8% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 122 BCF injection to storage for the week ended May 30 – above the market estimate of a 114 BCF injection. Total working gas in storage was reported as 2,598 BCF; 10.0% below this time last year and 4.7% above the five-year average.
As of 6:40AM this morning in Globex, WTI Crude was up $0.019; Natural Gas was down $0.108; Heating Oil was up $0.014; and Gasoline was up $0.005.
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