Natural Gas Storage Report and Market Impacts

Wednesday, June 2^nd saw the front-month NYMEX Natural Gas contract open at $3.462, $0.047 above Tuesday’s closing price of $3.415. Falling to the intraday low of $3.435 within minutes of the opening bell, prices rose to an intraday high of $3.520 at 10:55AM as the contract had crossed into oversold territory. Trading sideways near $3.500 through the afternoon, August closed higher on Wednesday at $3.488.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 46 BCF injection to storage for the week ended June 27. This compares to a 32 BCF injection this time last year and a five-year average injection amount of 61 BCF.

As of 8:35AM this morning in Globex, WTI Crude was down $0.090; Natural Gas was up $0.029; Heating Oil was down $0.030; and Gasoline was down $0.004.

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

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