June NYMEX Natural Gas Futures Contract Closed at $2.663 on Wednesday, May 29th

On Wednesday, May 29th – settlement day for the June contract – the front-month NYMEX Natural Gas Futures Contracts opened at $2.622, four cents above Tuesday’s closing price of $2.582.  Posting a choppy ascent through the day’s trading session, the contract posted an intraday low of $2.608 at 9:50AM and an intraday high of $2.643 at 1:40PM as traders took advantage of recently diminished prices and gauged the impact of updated weather forecasts.  June settled higher on Wednesday at $2.663, while the July contract closed four cents higher at $2.624.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 100 BCF injection to storage for the week ended May 24th.  This compares to a 96 BCF injection at this time last year and a five-year average injection amount of 97 BCF.

As of 8:50AM EST this morning in Globex, WTI Crude was up 18 cents; Natural Gas was down three cents; Heating Oil was down slightly; and Gasoline was down two cents. 
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