July NYMEX Natural Gas Futures Contract Closed at $3.677 on Thursday, June 5th

Thursday, June 5th saw the front-month NYMEX Natural Gas contract open at $3.779, $0.063 above Wednesday’s closing price of $3.716. Recording the intraday high of $3.784 within minutes of the opening bell, competing fundamentals, subdued LNG production and forecasted high demand for July, saw prices slip to $3.685 ahead of the weekly storage report. Dipping to an intraday low of $3.621 as the bearish report hit the wire, the contract recovered to trade near $3.740 by midday. July closed lower on Thursday at $3.677.

The EIA Natural Gas Storage Report published on Thursday posted a 122 BCF injection to storage for the week ended May 30 – above the market estimate of a 114 BCF injection. Total working gas in storage was reported as 2,598 BCF; 10.0% below this time last year and 4.7% above the five-year average.

As of 6:45AM this morning in Globex, WTI Crude was up $0.030; Natural Gas was up $0.054; Heating Oil was down $0.006; and Gasoline was flat.

              
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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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