July NYMEX Natural Gas Futures Contract Closed at $3.097 on Friday, June 4th

Friday, June 4th saw the front-month NYMEX Natural Gas Futures Contract open at $3.050, a penny above Thursday’s closing price of $3.041.  Slipping to an intraday low of $3.024 by 10:00AM, prices moved decisively higher at midday as pipeline issues persist in Texas.  Ascending to an intraday high of $3.121 at 12:20PM, July closed higher on Friday at $3.097 thanks in part to continued forecasts for above average temperatures.  Finishing nearly 4% higher on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended May 28th – below the market estimate of 107 BCF.  Total working gas in storage was reported as 2,313 BCF; 14.3% below this time last year and 2.6% below the five-year average.

As of 6:35AM EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down one cent.
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.