June 6, 2023
Monday, June 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.263, nine cents above Friday’s closing price of $2.172. Seeking direction throughout the morning, following the overnight weather-induced rally, prices hovered along the $2.270 level through midday. Updated forecasts for the back half of June now are calling for the arrival of summer heat in the Southern portion of the country, per NatGasWeather.com. Ascending to the intraday high of $2.317 at 12:30PM, the contract withdrew to close out the day, recording the intraday low of $2.242 ahead of 2:30PM. July closed higher on Monday at $2.245.
The EIA Natural Gas Storage Report published last Thursday showed a 110 BCF injection to storage for the week ended May 26 – in line with the market estimate of 107 BCF. Total working gas in storage was reported as 2,446 BCF; 29.5% above this time last year and 16.6% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was down $1.61; Natural Gas was down two cents; Heating Oil was down four cents; and Gasoline was down one cent.
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