July NYMEX Natural Gas Futures Contracts Closed at $2.975 on Thursday, June 21st

Thursday, June 21st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.990, nearly three cents above Wednesday’s closing price of $2.964.  Continuing the previous session’s momentum early on to reach the intraday high of $3.012 at 10:10AM, prices then held tight to await the weekly storage report.  Shedding overnight gains as the bearish storage report hit the wire at 10:30AM, the contract then bottomed out at the intraday low of $2.947 nearly an hour later.  Posting a weather supported ascent to finish the day, July closed higher on Thursday at $2.975.

The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF injection to storage for the week ended June 15th – above the market estimate of 84 BCF.  Total working gas in storage was reported as 2,004 BCF; 27.4% below this time last year and 19.9% below the five-year average.

This morning in Globex, WTI Crude was up $1.56; Natural Gas was down two cents; Heating Oil was up four cents; and, Gasoline was up three cents.  

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