Friday, June 27th saw the front-month NYMEX Natural Gas contract open at $3.609, $0.083 above Thursday’s closing price of $3.526. Recording the intraday low of $3.592 at 9:05AM, the contract traded steadily higher throughout the morning as the recent selloff was overdone and supportive weather forecasts came to be. Crossing midday at $3.712, prices rose to an intraday high of $3.751 ahead of 2:30PM. August closed higher on Friday at $3.739; down 2.8% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 95 BCF injection to storage for the week ended June 20 – above the market estimate of a 86 BCF injection. Total working gas in storage was reported as 2,898 BCF; 6.3% below this time last year and 6.6% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was down $0.200; Natural Gas was down $0.154; Heating Oil was up $0.014; and Gasoline was flat.
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