Thursday, June 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.970, seven cents below Wednesday’s closing price of $3.045. Trading along $3.010 through the day’s opening hour, marking the intraday high of $3.022 multiple times, prices withdrew to the $2.980 leading up to the weekly storage publication. Falling to an intraday low of $2.898 as the weekly report hit the wire, including a bearish due to revision for prior weeks, the contract remained subdued heading into the afternoon. Weighing the storage injection against above after cooling demand and the MVP startup, July finished lower on Thursday at $2.959.
The EIA Natural Gas Storage Report published on 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 7:10AM EST this morning in Globex, WTI Crude was up nine cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up two cents.
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