Thursday, June 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.645, a penny below Wednesday’s closing price of $2.657. In a choppy day of trading, prices initially fell to trade along the $2.610 level for most of the morning as production remains strong and forecasts for intense heat are fading. Marking the intraday low of $2.586 shortly after midday, prices rose to tally the intraday high of $2.687 an hour later. August closed lower on Thursday at $2.609.
The EIA Natural Gas Storage Report is due out on Friday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended June 30. This compares to a 60 BCF injection at this time last year and a five-year average injection amount of 64 BCF.
As of 8:10AM EST this morning in Globex, WTI Crude was up six cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was up one cent.
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.
