Wednesday, June 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $3.103, nearly even to Tuesday’s closing price of $3.104. Marking an intraday high of $3.116 at 9:30AM, the contract hovered near $3.110 until 10:00AM. Losing ground ahead of midday to trade near $3.065, prices rose modestly into the afternoon due to a bullish weather system that will cover much of the country in the coming week. July closed lower on Wednesday at $3.075.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 107 BCF injection to storage for the week ended May 28th. This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 96 BCF.
As of 6:10AM EST this morning in Globex, WTI Crude was down 16 cents; Natural Gas was down one cent; Heating Oil was down slightly; and Gasoline was down slightly.
Natural Gas Glossary
Natural Gas Supplier
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.