Monday, June 9th saw the front-month NYMEX Natural Gas contract open at $3.714, $0.070 below Friday’s closing price of $3.784. Recording the intraday high as markets opened, prices fell to the intraday low of $3.581 at 10:15AM, as ongoing LNG maintenance and steady production overshadowed impending cooling demand. Bouncing back to $3.689 ahead of midday, the contract stabilized near $3.630 through the afternoon. July closed lower on Monday at $3.635.
The EIA Natural Gas Storage Report published last Thursday posted a 122 BCF injection to storage for the week ended May 30 – above the market estimate of a 114 BCF injection. Total working gas in storage was reported as 2,598 BCF; 10.0% below this time last year and 4.7% above the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was up $0.340; Natural Gas was down $0.019; Heating Oil was up $0.004; and Gasoline was up $0.006.
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