Thursday, June 1st, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.111, four cents above Wednesday’s closing price of $3.071. Descending from the intraday high as markets opened, the contract then retreated to the $3.07 mark by 10:00AM. Holding tight in anticipation of the weekly storage release, a storage injection that read bearish to many drastically diminished prices, sinking as low as $3.003. Trailing downward to a ten-week intraday low of $2.988 by 11:00AM, July then posted a staggered ascent to span the day, closing lower on Thursday at $3.008.
The EIA Natural Gas Storage Report published on Thursday showed an 81 BCF injection to storage for the week ended May 26th – even with the market estimate. Total working gas in storage was reported as 2,525 BCF; 12.8% below this time last year and 9.8% above the five-year average.
This morning in Globex, WTI Crude was down $1.02; Natural Gas was up two cents; Heating Oil was down two cents; and, Gasoline was down three cents. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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