July NYMEX Natural Gas Futures Contract Closed at $3.041 on Thursday, June 3rd

Market Insights
Natural Gas
Basis
NYMEX
June 4, 2021
Thursday, June 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $3.062, a penny below Wednesday’s closing price of $3.075.  Slipping to an intraday low of $3.032 shortly after the opening, the contract bounced around either side of $3.045 leading up to the weekly storage publication.  Jumping to an intraday high of $3.078 as the report hit the wire, prices stabilized near $3.055 by 11:00AM.  Stepping lower into the afternoon, July closed lower on Thursday at $3.041.

The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended May 28th – below the market estimate of 107 BCF.  Total working gas in storage was reported as 2,313 BCF; 14.3% below this time last year and 2.6% below the five-year average.

As of 7:15AM EST this morning in Globex, WTI Crude was up 22 cents; Natural Gas was up three cents; Heating Oil was up slightly; and Gasoline was unchanged.
 
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