June 13, 2023
Monday, June 12
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.225, seven cents below Friday’s closing price of $2.254. Knocked down early on by reduced expectations for cooling demand in the coming week per NatGasWeather.com, prices slipped to an intraday low of $2.206 by 10:25AM. Clawing back lost ground throughout the afternoon, the contract tallied an intraday high of $2.270 ahead of 2:30PM. July closed higher on Monday at $2.266.
The EIA Natural Gas Storage Report published last 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 7:00AM EST this morning in Globex, WTI Crude was up $1.22; Natural Gas was up six cents; Heating Oil was up four cents; and Gasoline was up four cents.
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