Natural Gas: Key Factors Influencing Current Prices

Tuesday, June 17^th saw the front-month NYMEX Natural Gas contract open at $3.777, $0.029 above Monday’s closing price of $3.748. Recording the intraday low of $3.776 within minutes of the opening bell, prices trended higher to record a two-month intraday high of $3.881 at 11:00AM. Withdrawing below $3.800 ahead of 2:00PM only to rally into the close, updated weather forecasts and the intensifying conflict between Iran and Israel have provided bullish support. July closed higher on Tuesday at $3.851.

The EIA Natural Gas Storage Report is due out Wednesday at 12:00PM. The report is expected to show a 94 BCF injection to storage for the week ended June 12. This compares to a 71 BCF injection this time last year and a five-year average injection amount of 72 BCF.

As of 7:25AM this morning in Globex, WTI Crude was up $0.260; Natural Gas was up $0.013; Heating Oil was up $0.008; and Gasoline was up $0.012.

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