July NYMEX Natural Gas Futures Contract Closed at $3.045 on Wednesday, June 12th

Wednesday, June 12th saw the front-month NYMEX Natural Gas Futures Contract open at $3.051, seven cents below Tuesday’s closing price of $3.129. Battling upward on the back of forecasted elevated cooling demand, prices rose to the intraday high of $3.123 at 10:25AM. Trending lower soon thereafter, bearish pressure could be attributed to the approval and startup of the new, 2.0 BCF/d, Mountain Valley Pipeline. Marking the intraday low of $2.995 at 12:20PM, July closed lower on Wednesday at $3.045.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 76 BCF injection to storage for the week ended June 7th. This compares to an 84 BCF injection this time last year and a five-year average injection amount of 89 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was down 60 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down one cent.

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