Tuesday, June 1st saw the front-month NYMEX Natural Gas contract open at $3.361, $0.095 below Monday’s closing price of $3.456. Despite the current elevated cooling demand, prices pulled back to start the day as production remains steady and cooler temperatures are on the horizon. Recording the intraday low of $3.293 at 10:15AM, the contract then posted a steady recovery that would span the session. Achieving an intraday high of $3.435 at 2:20PM, August closed lower on Tuesday at $3.415.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 46 BCF injection to storage for the week ended June 27. This compares to a 32 BCF injection this time last year and a five-year average injection amount of 61 BCF.
As of 8:35AM this morning in Globex, WTI Crude was up $0.700; Natural Gas was up $0.040; Heating Oil was up $0.030; and Gasoline was up $0.011.
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