Thursday, June 8th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.016, just below Wednesday’s closing price of $3.020. Ascending to $3.030 by 9:30AM, prices then retreated to the $3.01 mark and traded sideways until the 10:30AM storage publication. As the bearish report hit the wire, the contract sank to the intraday low of $2.978. Mounting a swift recovery in the following minutes, the contract rose to $3.043 by 11:00AM and continued upward to the intraday high of $3.068 shortly after noon. Spurred on by expectations of increased cooling demand in the comings weeks, July proceeded to close higher on Thursday at $3.028.
The EIA Natural Gas Storage Report published on Thursday showed a 106 BCF injection to storage for the week ended June 2nd – above the market estimate of 100 BCF. Total working gas in storage was reported as 2,631 BCF; 11.2% below this time last year and 9.9% above the five-year average.
This morning in Globex, WTI Crude was down five cents; Natural Gas was up one cent; Heating Oil was up slightly; and, Gasoline was up slightly. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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