July NYMEX Natural Gas Futures Contract Closed at $1.597 on Wednesday, June 24th

Wednesday, June 24th saw the front-month NYMEX Natural Gas Futures Contract open at $1.641, just above Tuesday’s closing price of $1.637.  Posting a staggered climb to reach an intraday high of $1.652 at 10:20AM, the contract fell gradually lower throughout the day as reopening economies have been hampered by a resurgence in COVID-19 cases, and lower than expected cooling demand.  Touching down to an intraday low of $1.585 ahead of 2:30PM, July closed lower on Wednesday at $1.597.  The August contract closed three cents lower at $1.661.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 97 BCF injection to storage for the week ended June 19th. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 73 BCF.

As of 8:15AM EST this morning in Globex, WTI Crude was down 74 cents; Natural Gas was down five cents; Heating Oil was down three cents; and Gasoline was down six cents.

Natural Gas Glossary
Natural Gas Supplier
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.

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.