Monday, June 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.800, eight cents below Friday’s closing price of $2.881. Knocked down over the weekend by increased production and a reduction in LNG demand, traders looked past the forecasted impending heat wave as prices marked the intraday high of $2.826 by 9:15AM. Sinking to the intraday low of $2.759 nearly two hours later, the contract traded along $2.795 through the afternoon. July closed lower on Monday at $2.788.
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 7:30AM EST this morning in Globex, WTI Crude was up three cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was up slightly.
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