Natural Gas Insights: Price Movements and Forecasts

The Sprague Natural Gas MarketWatch will be on hiatus until Tuesday, June 30th.

Monday, June 22nd saw the front-month NYMEX Natural Gas contract open at $3.268, $0.035 above Thursday’s closing price of $3.233. Updated forecasts for increased cooling demand in the near term drove prices cautiously higher early on. Crossing midday at $3.278, the contract rose to an intraday high of $3.299 at 12:50PM only to withdraw for the balance of the session. Marking the intraday low of $3.245 ahead of closing, July finished higher on Monday at $3.253.

The EIA Natural Gas Storage Report published last Thursday posted a 73 BCF injection to storage for the week ended June 12 – in line with the market estimate of 75 BCF. Working gas in storage was reported as 2,759 BCF; 1.0% below this time last year and 5.8% above the five-year average.

As of 8:50AM this morning in Globex WTI Crude was down $0.270; Natural Gas was down $0.032; Heating Oil was down $0.011; and Gasoline was down $0.013.

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.