Monday, June 29th saw the front-month NYMEX Natural Gas contract open at $3.197, $0.056 below Friday’s closing price of $3.253. Recording the intraday high of $3.211 at 9:30AM, traders largely overlooked the impending heatwave, though cash markets were on the rise. Eyeing steady production, the contract traded sideways near $3.180 for much of the session. Marking the intraday low of $3.170 at 2:15PM, August closed lower on Monday at $3.181.
The EIA Natural Gas Storage Report published last Thursday posted a 76 BCF injection to storage for the week ended June 19 – in line with the market estimate of 75 BCF. Working gas in storage was reported as 2,835 BCF; 1.7% below this time last year and 5.7% above the five-year average.
As of 6:45AM this morning in Globex WTI Crude was down $0.130; Natural Gas was up $0.049; Heating Oil was down $0.020; and Gasoline was down $0.011.
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