Thursday, June 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.856, five cents be-low Tuesday’s closing price of $2.909. Markets were closed on Wednesday in observance of the Juneteenth holi-day. Recording the intraday high as the opening bell rang, prices trended steadily lower throughout the day due to steady production and a bearish shift in the short-term weather forecast. Additionally, a tropical storm in Mexico brought cooler temps into Texas, dampening demand. Retreating to the intraday low of $2.727 by 1:35PM, July closed lower on Thursday at $2.741.
The market report will be on a short hiatus, returning Tuesday, June 25.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 72 BCF injection to storage for the week ended June 14th. This compares to a 95 BCF injection this time last year and a five-year average injection amount of 83 BCF.
As of 7:50 AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was down three cents; Heating Oil was flat; and Gasoline was up one cent.
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.
