Wednesday, June 30th saw the front-month NYMEX Natural Gas Futures Contract open at $3.736, nearly eleven cents above Tuesday’s closing price of $3.630. Marking an intraday high of $3.751 within minutes of the opening bell, prices then trended lower as markets looked for direction following the previous day’s sudden surge. Temperatures are hot and there’s certainly an increase for cooling demand, but storage levels remain plentiful, even with healthy LNG exports. Marking an intraday low of $3.604 at 11:15AM prices rose modestly to finish the day as August closed higher on Wednesday at $3.650.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 67 BCF injection to storage for the week ended June 25th. This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 65 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.70; Natural Gas was up seven cents; Heating Oil was up three cents; and Gasoline was up three cents.
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