Monday, June 10th saw the front-month NYMEX Natural Gas Futures Contract open at $3.055, nearly fourteen cents above Friday’s closing price of $2.918. Trading above the $3.00 mark for the first time since mid-January, the contract fluctuated along either side of $3.060 through the morning as above-average cooling demand is forecasted for key demand areas of country. Peaking at a near five-month intraday high of $3.089 at 11:30AM, prices then spent the afternoon retreating until stabilizing near $2.900 by 1:30PM as fears rose related to production increases. Marking the intraday low of $2.862 at 2:05PM, July closed lower on Monday at $2.906.
The EIA Natural Gas Storage Report published last Thursday showed a 98 BCF injection to storage for the week ended May 31 – above the market estimate 86 BCF. Total working gas in storage was reported as 2,893 BCF; 14.8% above this time last year and 25.1% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down 30 cents; Natural Gas was up 17 cents; Heating Oil was down 13 cents; and Gasoline was down 19 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.
