June 22, 2023
Wednesday, June 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.493, nearly even to Tuesday’s closing price of $2.492. Falling to the intraday low of $2.448 by 9:15AM, prices ascended heartily throughout the morning as short-term forecasted cooling demand remains steady and the previous day’s profit-taking came to an end. Crossing midday at $2.5520, the contract rose to the intraday high of $2.602 ahead of 2:30PM. July closed higher on Wednesday at $2.597.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 86 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 6:55AM EST this morning in Globex, WTI Crude was down $1.34; Natural Gas was up one cent; Heating Oil was down three cents; and Gasoline was down six cents.
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