Monday, June 16th saw the front-month NYMEX Natural Gas contract open at $3.678, $0.097 above Friday’s closing price of $3.581. Jumping higher overnight in response to increased forecasted cooling demand and escalating tensions between Iran and Israel, prices fell to an intraday low of $3.634 at 10:25AM. Recovering throughout the balance of session, the contract rose to an intraday high of $3.759 at 2:05PM. July closed higher on Monday at $3.748.
The EIA Natural Gas Storage Report is due out Wednesday at 12:00PM. The report is expected to show a 102 BCF injection to storage for the week ended June 12. This compares to a 71 BCF injection this time last year and a five-year average injection amount of 72 BCF.
As of 8:00AM this morning in Globex, WTI Crude was up $1.370; Natural Gas was up $0.063; Heating Oil was up $0.059; and Gasoline was up $0.041.
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