June 21, 2023
Tuesday, June 20
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.645, a penny above Friday’s closing price of $2.632. Tallying a fresh one-month intraday high of $2.650 shortly after the opening bell, prices traded along the $2.630 level until 10:00AM. The contract then pulled back, which analysts are crediting to profit-taking, given there have been no significant changes in expected cooling demand. Crossing midday at $2.553, prices retreated to the intraday low of $2.487 ahead of 2:30PM. July closed lower on Tuesday at $2.492; down 5% following the long weekend.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 89 BCF injection to storage for the week ended June 16. This compares to a 74 BCF injection at this time last year and a five-year average injection amount of 86 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up 19 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was down one cent.
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