Friday, June 25th saw the front-month NYMEX Natural Gas Futures Contract open at $3.439, two cents above Thursday’s closing price of $3.418. Marking an intraday low of $3.429 shortly after 9:00AM, the contract continued its rally to mark a fresh two and a half year intraday high of $3.508 at 11:30AM. Continued heat in the western portion of the country, coupled with Thursday’s bullish storage report, and healthy LNG export helped to prevent any selloffs. Trading sideways into the afternoon, July closed higher on Friday at $3.496, up nearly 9% for the week.
The EIA Natural Gas Storage Report published on Thursday showed a 55 BCF injection to storage for the week ended June 18th – below the market estimate of 65 BCF. Total working gas in storage was reported as 2,482 BCF; 17.1% below this time last year and 5.8% below the five-year average.
As of 7:50AM EST this morning in Globex, WTI Crude was down six cents; Natural Gas was up two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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