Friday, May 26th settlement day for the June contract, saw the front month open at $2.240, nearly seven cents below Thursday’s closing price of $2.307. June settled lower on Friday at $2.181.
The more actively traded July contract opened at $2.407, seven cents below Thursday’s closing price of $2.476. Trading sideways for the duration of the morning, marking the intraday low of $2.381 within minutes of the open, week demand and steady supply levels sank the contract overnight. Spiking to the intraday high of $2.467 at 1:00PM, the July contract proceeded to close lower on Friday at $2.417.
The EIA Natural Gas Storage Report published on Thursday showed a 96 BCF injection to storage for the week ended May 19 – in line with the market estimate of 94 BCF. Total working gas in storage was reported as 2,336 BCF; 29.3% above this time last year and 17.0% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down $1.38; Natural Gas was down six cents; Heating Oil was down three cents; and Gasoline was down four cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
