Wednesday, June 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.318, nearly six cents above Tuesday’s closing price of $2.262. Recording the intraday high of $2.345 before 9:15AM, prices trended downward to record the intraday low of $2.270 at 10:55AM. As traders focused on the impending wave of cooling demand, prices maintained the early rally momentum to trade sideways near $2.315 into the afternoon. July closed higher on Wednesday at $2.329.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 117 BCF injection to storage for the week ended June 2. This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 100 BCF.
As of 6:45AM EST this morning in Globex, WTI Crude was up 54 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up 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.
