Natural Gas Prices Decrease Amid Demand Shifts

Monday, June 8th saw the front-month NYMEX Natural Gas contract open at $3.139, $0.090 below Friday’s closing price of $3.229. Forecasts for waning cooling demand, steady production, and ongoing LNG maintenance signaled the bears to move in as prices trended lower. Reaching in intraday low of $3.097 at 11:05AM, the contract rose through the duration of the session as to not drift into oversold territory. Marking the intraday high of $3.154 at 2:00PM, July closed lower on Monday at $3.147.

The EIA Natural Gas Storage Report published last Thursday posted a 95 BCF injection to storage for the week ended May 29 – in line with the market estimate of 98 BCF. Working gas in storage was reported as 2,578 BCF; 0.1% below this time last year and 5.7% above the five-year average.

As of 7:25AM this morning in Globex WTI Crude was down $1.770; Natural Gas was up $0.024; Heating Oil was down $0.040; and Gasoline was down $0.015.

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