Tuesday, June 24th saw the front-month NYMEX Natural Gas contract open at $3.661, $0.037 below Monday’s closing price of $3.698. Once again marking the intraday high, $3.664, within minutes of the opening bell, the contract then trended lower. Despite rising geopolitical tensions and the current heat wave, traders are focusing on the impending cool down. Crossing midday at $3.591, prices slipped to the intraday low of $3.530 ahead of 2:30PM. July closed lower on Tuesday at $3.537.
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 7:10AM this morning in Globex, WTI Crude was up $0.560; Natural Gas was down $0.015; Heating Oil was up $0.025; and Gasoline was up $0.011.
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