Friday, June 10th saw the July NYMEX Natural Gas Futures Contract open at $8.815, fifteen cents below Thursday’s closing price of $8.963. Trending lower through the morning hours until finding the intraday low of $8.622 at 10:45AM, analysts were still digesting the news on Friday of the Freeport LNG plant shutting down. As we enter peak cooling demand season, the plant’s closing will provide an opportunity for larger injections to storage as these supplies remain land locked. Crossing midday near $8.665, prices rose to an intraday high of $8.932 at 1:40PM. July closed lower on Friday at $8.850, up nearly 4% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended June 3 – in line with the market estimate of 96 BCF. Total working gas in storage was reported as 1,999 BCF; 16.6% below this time last year and 14.5% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down $1.57; Natural Gas was down fifteen cents; Heating Oil was down three cents; and Gasoline was down eight cents.
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