Natural Gas Analysis: Market Performance This Week

Wednesday, June 25^th saw the front-month NYMEX Natural Gas contract open at $3.510, $0.037 below Tuesday’s closing price of $3.537. Tagging the intraday high of $3.526 at 9:15AM, the contract traded along the $3.500 mark through 1:00PM. Retreating to an intraday low of $3.389 ahead of 2:30PM, bearish weather forecasts have left traders unimpressed. July closed lower on Wednesday at $3.406.

The more actively traded August contract closed $0.086 lower at $3.569.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 86 BCF injection to storage for the week ended June 20. This compares to a 57 BCF injection this time last year and a five-year average injection amount of 79 BCF.

As of 7:50AM this morning in Globex, WTI Crude was up $0.260; Natural Gas was down $0.060; Heating Oil was up $0.033; and Gasoline was up $0.017.

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