Thursday, June 4th saw the front-month NYMEX Natural Gas contract open at $3.302, $0.088 above Wednesday’s closing price of $3.214. Recording the intraday low of $3.287 by 9:05AM, prices rose to trade near the $3.330 level by 10:00AM as the market priced in the impending increased cooling demand. Trending higher following the historically bullish injection, the contract continued its rally to cross midday at $3.363. Tallying a four-month intraday high of $3.376 at 2:00PM, July closed higher on Thursday at $3.336.
The EIA Natural Gas Storage Report published on Thursday posted a 95 BCF injection to storage for the week ended May 29 – in line with the market estimate of 98 BCF. Working gas in storage was reported as 2,578 BCF; 0.1% below this time last year and 5.7% above the five-year average.
As of 6:00AM this morning in Globex WTI Crude was down $0.160; Natural Gas was down $0.005; Heating Oil was up $0.024; and Gasoline was up $0.035.
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