July NYMEX Natural Gas Futures Contract Closed at $9.293 on Tuesday, June 7th

Tuesday, June 7th saw the July NYMEX Natural Gas Futures Contract open at $9.275, five cents below Monday’s closing price of $9.322. Marking the intraday low of $9.200 within minutes of the open, volatility then ensued as prices rose to a fresh multi-year intraday high of $9.435 by 110:15AM. Trading withing an eight-cent range for majority of the afternoon, elevated cooling demand in the South, healthy LNG exports, and supply concerns continue to provide support. July closed slightly lower on Tuesday at $9.293.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 96 BCF injection to storage for the week ended June 3. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 100 BCF.

As of 7:15AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was unchanged; Heating Oil was up one cent; and Gasoline was down slightly.
 
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