Monday, June 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.676, three cents below Friday’s closing price of $2.705. Recording the intraday low of $2.648 in the minutes following the opening bell, prices moved swiftly higher as elevated cooling demand is expected to cover key demand areas of the country. Trading along $2.75o through midday, the contract climbed to an intraday high of $2.814 ahead of 2:30PM. July closed higher on Monday at $2.811.
Ready to assume the front-month position on Thursday, the August contract posted similar gains to close $0.11 higher at $2.948.
The EIA Natural Gas Storage Report published last Friday showed a 70 BCF injection to storage for the week ended June 14 – in line with the market estimate 72 BCF. Total working gas in storage was reported as 3,044 BCF; 12.6% above this time last year and 22.5% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down 45 cents; Natural Gas was up two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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