July NYMEX Natural Gas Futures Contract Closed at $2.185 on Thursday, June 20th

Thursday, June 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.275, nearly even to Wednesday’s closing price of $2.276.  Ascending to the $2.30 level by 10:00AM as traders positioned themselves ahead of the EIA storage publication, prices then plummeted as the 10:30AM report brought more bearish news.  Breaking through multiple support levels, the contract gained its footing near $2.215 by 10:45AM.  Withdrawing further as the session moved into the afternoon, prices fell to another two-year low of $2.159 by 1:00PM.  Posting a recovery effort to close out the day, July closed lower on Thursday at $2.185.

The EIA Natural Gas Storage Report published on Thursday showed a 115 BCF injection to storage for the week ended June 14th – above market estimate of 104 BCF.  Total working gas in storage was reported as 2,203 BCF; 10.5% above this time last year and 8.3% below the five-year average.

As of 8:45AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was up two cents; Heating Oil was up four cents; and Gasoline was up seven cents. 

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