Friday, June 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.844, two cents above Thursday’s closing price of $2.821. Dipping to the intraday low of $2.791 by 9:15AM, traders shrugged off the previous day’s bearish injection and focused on forecasted above average cooling demand by mid-month. Rising steadily to surpass $2.900 by 11:00AM, the contract ascended to a near five-month intraday high of $2.967 at 1:35PM. July closed higher on Friday at $2.918.
The EIA Natural Gas Storage Report published last Thursday showed a 98 BCF injection to storage for the week ended May 31 – above the market estimate 86 BCF. Total working gas in storage was reported as 2,893 BCF; 14.8% above this time last year and 25.1% above the five-year average.
As of 6:00AM EST this morning in Globex, WTI Crude was up two cents; Natural Gas was up seven cents; Heating Oil was up one cent; and Gasoline was unchanged.
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