Tuesday, June 9th saw the front-month NYMEX Natural Gas contract open at $3.169, $0.022 above Monday’s closing price of $3.147. In a choppy day of trading, analysts noted mixed fundamentals with expected elevated cooling demand butting up against healthy production. Following the previous session’s sell-off, prices marked the intraday low of $3.117 at 9:35AM and intraday high of $3.190 at 10:45AM. Stepping lower into the afternoon, July closed lower on Tuesday at $3.140.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 101 BCF injection to storage for the week ended June 5. This compares to a 109 BCF injection this time last year and a five-year average injection amount of 95 BCF.
As of 7:00AM this morning in Globex WTI Crude was down $.370; Natural Gas was up $0.040; Heating Oil was down $0.025; and Gasoline was down $0.005.
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
