July NYMEX Natural Gas Futures Contract Closed at $3.698 on Monday, June 23rd

Monday, June 23rd saw the front-month NYMEX Natural Gas contract open at $3.815, $0.032 below Friday’s closing price of $3.847. Recording the intraday high of $3.831 within minutes of the opening bell, markets weighed numerous market drivers throughout the day. Prices moved lower to trade along $3.720 by 10:00AM as traders looked past the current heat wave, while also monitoring the escalating situation in the Middle East. Falling to the intraday low of $3.672 at 1:45PM, July closed lower on Monday at $3.698.

The EIA Natural Gas Storage Report published last Wednesday posted a 95 BCF injection to storage for the week ended June 12 – in line with the market estimate of a 94 BCF injection. Total working gas in storage was reported as 2,802 BCF; 7.7% below this time last year and 6.1% above the five-year average.

As of 7:35AM this morning in Globex, WTI Crude was down $2.280; Natural Gas was down $0.060; Heating Oil was down $0.091; and Gasoline was down $0.069.

               
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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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