Monday, July 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.558, four cents below Friday’s closing price of $2.601. Ascending to the intraday high of $2.575 by 9:45AM, prices then arced lower in response to forecasts for reduced cooling demand and increased production. Trading along the $2.500 level through midday, the contract fell to a five-week intraday low of $2.476 ahead of 2:30PM. August closed lower on Monday at $2.478.
The EIA Natural Gas Storage Report published last Thursday showed a 52 BCF injection to storage for the week ended June 21 – in line with the market estimate 55 BCF. Total working gas in storage was reported as 3,097 BCF; 11.3% above this time last year and 20.6% above the five-year average.
As of 7:45AM EST this morning in Globex, WTI Crude was up 61 cents; Natural Gas was down three cents; Heating Oil was up three cents; and Gasoline was up three cents.
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