Natural Gas Trends and Market Analysis for Analysts

Thursday, June 11th saw the front-month NYMEX Natural Gas contract open at $3.134, $0.051 below Wednesday’s closing price of $3.185. Marking the intraday high of $3.152 by 9:15AM, prices fell to trade near $3.110 ahead of 10:00AM as short-term forecasts turned cooler overnight. Slipping to an intraday low of $3.054 following the bearish storage injection, analysts pointed to strong renewables and production regarding the “miss”. Fluctuating along $3.080 into the afternoon, July closed lower on Thursday at $3.087.

The EIA Natural Gas Storage Report published on Thursday posted a 108 BCF injection to storage for the week ended June 5 – above the market estimate of 101BCF. Working gas in storage was reported as 2,686 BCF; 0.2% below this time last year and 6.0% above the five-year average.

As of 6:35AM this morning in Globex WTI Crude was down $2.740; Natural Gas was down $0.033; Heating Oil was down $0.151; and Gasoline was down $0.098.

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