Tuesday, July 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.453, nearly three cents below Monday’s closing price of $2.478. Reaching its apex of $2.465 by 9:15AM, the contract withdrew to trade near $2.425 through midday. Subdued by continued steady production and cooling forecasts, the contract recorded a six-week intraday low of $2.415 at 1:15PM. A possible future market-mover, yesterday a federal court ordered the cancellation of a Biden Administration issued LNG permit pause. August closed lower on Tuesday at $2.435.
The EIA Natural Gas Storage Report is due out on Wednesday at 12:00PM. The report is expected to show a 30 BCF injection to storage for the week ended June 28th. This compares to a 76 BCF injection this time last year and a five-year average injection amount of 69 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was down one cent; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was down two cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
