July NYMEX Natural Gas Futures Contract Closed at $1.821 on Wednesday, June 3rd

Wednesday, June 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.830, five cents above Tuesday’s closing price of $1.777.  Ascending to an intraday high of $1.861 by 9:20AM as the result of a short-covering rally, the contract stepped lower to cross midday at $1.836.  Descending to an intraday low of $1.789 at 2:10PM, July closed lower on Wednesday at $1.821.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 106 BCF injection to storage for the week ended May 29th. This compares to a 119 BCF injection at this time last year and a five-year average injection amount of 103 BCF.

As of 7:45AM EST this morning in Globex, WTI Crude was down 52 cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up one cent.

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.