Tuesday, June 14th saw the July NYMEX Natural Gas Futures Contract open at $8.609, even to Monday’s closing price. Marking the intraday high of $8.631 within minutes of the open, the contract then fell off a cliff as representatives from the Freeport LNG facility have updated their previous estimate of returning to normal operations from a few weeks to the end of the year. This delay provides an opportunity to rebuild the ongoing storage deficit. Stabilizing near $7.200 by 9:30AM and tallying a five-week intraday low of $7.008 at 10:15AM, prices moved largely sideways for the balance of the day. July closed lower on Tuesday at $7.189.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 91 BCF injection to storage for the week ended June 10. This compares to a 16 BCF injection at this time last year and a five-year average injection amount of 79 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down $1.90; Natural Gas was up 11 cents; Heating Oil was down four cents; and Gasoline was down five cents.
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