Friday, June 13th saw the front-month NYMEX Natural Gas contract open at $3.520, $0.028 above Thursday’s closing price of $3.492. Posting a sympathetic ascent overnight, as oil markets surged in response to the escalating situation between Israel and Iran, the contract marked the intraday low of $3.511 minutes after 9:00AM. Recording modest gains throughout the session, with domestic market fundamentals unchanged, prices reached an intraday high of $3.590 at 2:25PM. July closed higher on Friday at $3.581; down 5.7% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 109 BCF injection to storage for the week ended June 6 – in line with the market estimate of a 108 BCF injection. Total working gas in storage was reported as 2,707 BCF; 8.6% below this time last year and 5.4% above the five-year average.
As of 6:30AM this morning in Globex, WTI Crude was down $0.490; Natural Gas was up $0.123; Heating Oil was up $0.019; and Gasoline was up $0.006.
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