July NYMEX Natural Gas Futures Contract Closed at $6.220 on Friday, June 24th

Friday, June 24th saw the July NYMEX Natural Gas Futures Contract open at $6.282, four cents below Thursday’s closing price of $ $6.239. Slipping to the intraday low of $6.067 at 9:30AM and recovering to the intraday high of $6.331 nearly an hour later, the contract traded within a tight band near $6.210 throughout the afternoon. Prices stabilized on Friday following the previous day’s sell off due to a bearish forecast shift and the uncertain impact of the Freeport LNG facility shutdown. July closed lower on Friday at $6.220; down 10% on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 74 BCF injection to storage for the week ended June 17 – above the market estimate of 60 BCF. Total working gas in storage was reported as 2,169 BCF; 12.3% below this time last year and 13.2% below the five-year average.

As of 7:30AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was up one cent.
 
Natural Gas Glossary
Natural Gas Supplier
                                                                                                       
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.
 

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.