Wednesday, June 3rd saw the front-month NYMEX Natural Gas contract open at $3.187, $0.020 above Tuesday’s closing price of $3.167. Recording the intraday low of $3.143 at 9:15AM, the contract then mounted a steady ascent as traders took advantage of the recently diminished contract and forecasted cooling demand increase. Trading at $3.206 by midday and marking the intraday high of $3.246 at 1:15PM, July closed higher on Wednesday at $3.214.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 98 BCF injection to storage for the week ended May 29. This compares to a 122 BCF injection this time last year and a five-year average injection amount of 101 BCF.
As of 7:00AM this morning in Globex WTI Crude was down $1.050; Natural Gas was up $0.055; Heating Oil was down $0.010; and Gasoline was down $0.058.
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