Natural Gas Storage Report Insights and Predictions

Wednesday, June 4^th saw the front-month NYMEX Natural Gas contract open at $3.697, $0.025 below Tuesday’s closing price of $3.722. Falling to an intraday low of $3.661 at 9:15AM and an intraday high of $3.720 thirty minutes later, the contract remained rangebound for the session as near-term weak demand battled forecasted July heat. The July contract closed lower on Wednesday at $3.716.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 114 BCF injection to storage for the week ended May 30. This compares to a 96 BCF injection this time last year and a five-year average injection amount of 98 BCF.

As of 7:30AM this morning in Globex, WTI Crude was up $0.060; Natural Gas was down $0.040; Heating Oil was up $0.010; and Gasoline was up $0.012.

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