Tuesday, June 11th saw the front-month NYMEX Natural Gas Futures Contract open at $3.050, fourteen cents above Monday’s closing price of $2.906. Bolstered overnight by extended forecasts calling for above average cooling demand, the contract marked an intraday low of $3.002 at 10:00AM, while fluctuating along $3.040 through 1:00PM. Posting a secondary ascent to closeout the day, prices rose to another near five-month intraday high of $3.135 ahead of 2:30PM. July closed higher on Tuesday at $3.129.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 76 BCF injection to storage for the week ended June 7th. This compares to an 84 BCF injection this time last year and a five-year average injection amount of 89 BCF.
As of 6:35AM EST this morning in Globex, WTI Crude was up 93 cents; Natural Gas was down five cents; Heating Oil was up three 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.
