June 12, 2023
Friday, June 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.284, seven cents below Thursday’s closing price of $2.352. Knocked down overnight by revised short-term forecasts calling for reduced cooling demand, prices hung around the $2.280 level until jumping to the intraday high of $2.316 at 10:55AM. Pulling back throughout the afternoon to reach an intraday low of $2.250 ahead of 2:30PM, July finished lower for the first time in five sessions to close at $2.254.
The EIA Natural Gas Storage Report published on Thursday showed a 104 BCF injection to storage for the week ended June 2 – below the market estimate of 117 BCF. This gap in expectations vs. the published injection can be attributed to a 14 BCF reclassification of working gas to base gas. Total working gas in storage was reported as 2,550 BCF; 28.3% above this time last year and 16.1% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down $1.49; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down three cents.
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