Wednesday, June 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.670, eight cents above Tuesday’s closing price of $2.586. Recovering from Tuesday’s selloff, which traders are attributing to a resolved pipeline restriction, prices were trending higher once again in response to forecasts for elevated cooling demand. Marking the intraday low of $2.629 ahead of 9:30AM, the contract rose to cross $2.755 by 11:30AM. Achieving an intraday high of $2.766 at 2:25PM, July closed higher on Wednesday at $2.757; $0.001 above Monday’s close.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 86 BCF injection to storage for the week ended May 31st. This compares to a 104 BCF injection this time last year and a five-year average injection amount of 103 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up 51 cents; Natural Gas was up one cent; Heating Oil was up one cent; 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.
