July NYMEX Natural Gas Futures Contract Closed at $6.239 on Thursday, June 23rd

Market Insights
Natural Gas
Basis
NYMEX
June 24, 2022
Thursday, June 23rd saw the July NYMEX Natural Gas Futures Contract open at $6.711, fifteen cents below Wednesday’s closing price of $6.858. Achieving the intraday high of $6.795 by 9:15AM, prices fluctuated within a fourteen-cent range in the hour leading up to the weekly storage publication. Falling through multiple support levels as the bearish storage report hit the wire, the contract stabilized near $6.255 by 10:45AM. Marking the intraday low of $6.175 at 12:55PM, July closed lower on Thursday at $6.239.

The EIA Natural Gas Storage Report published on Thursday showed a 74 BCF injection to storage for the week ended June 17 – above the market estimate of 60 BCF. Total working gas in storage was reported as 2,169 BCF; 12.3% below this time last year and 13.2% below the five-year average.

As of 7:15AM EST this morning in Globex, WTI Crude was up $1.77; Natural Gas was up three cents; Heating Oil was up slightly; and Gasoline was up four cents.

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