Friday, June 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.918, four cents below Thursday’s closing price of $2.959. Attaining an intraday high of $2.974 by 9:45AM, prices trended lower for the balance of the session as markets digested the previous day’s storage injection and bearish shifts in the short-term forecast. Touching down to an intraday low of $2.870 at 2:00PM, July closed lower on Friday at $2.881; down 1% on the week.
The EIA Natural Gas Storage Report published last Thursday showed a 74 BCF injection to storage for the week ended June 7 – in line with the market estimate 76 BCF. Please note the revision in the Midwest region of +7 BCF, accounting for the trailing five weeks. Total working gas in storage was reported as 2,974 BCF; 13.9% above this time last year and 23.9% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 12 cents; Natural Gas was down six cents; Heating Oil was unchanged; and Gasoline was unchanged.
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