July NYMEX Natural Gas Futures Contract Closed at $6.220 on Friday, June 24th

Market Insights
Natural Gas
June 27, 2022
Friday, June 24th saw the July NYMEX Natural Gas Futures Contract open at $6.282, four cents below Thursday’s closing price of $ $6.239. Slipping to the intraday low of $6.067 at 9:30AM and recovering to the intraday high of $6.331 nearly an hour later, the contract traded within a tight band near $6.210 throughout the afternoon. Prices stabilized on Friday following the previous day’s sell off due to a bearish forecast shift and the uncertain impact of the Freeport LNG facility shutdown. July closed lower on Friday at $6.220; down 10% on the week.

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 7:30AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was up one cent.
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