Thursday, June 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.594, nearly even to Wednesday’s closing price of $2.597. Trading sideways near $2.600 from the open until the weekly storage publication, marking the intraday high at $2.622 at 10:25AM, a bearish injection directed prices lower as the report hit the wire. Slipping to the intraday low of $2.529 at 10:35AM, bulls were not to be deterred as the contract mounted a steady recovery that would span the day. July closed higher on Thursday at $2.608.
The EIA Natural Gas Storage Report published on Thursday showed a 95 BCF injection to storage for the week ended June 16 – above the market estimate of 86 BCF. Total working gas in storage was reported as 2,729 BCF; 26.5% above this time last year and 15.3% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was down 97 cents; Natural Gas was up three cents; Heating Oil was down three cents; and Gasoline was down two 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.
