July NYMEX Natural Gas Futures Contract Closed at $3.253 on Thursday, June 17th

Thursday, June 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.220, three cents below Wednesday’s closing price of $3.251.  Climbing to $3.225 ahead of the weekly storage publication, prices spiked to $3.258 as the report hit the wire at 10:30AM.  Withdrawing in the following twenty minutes to record an intraday low of $3.187, the contract chopped around the $3.210 level heading into the afternoon.  Finding support to close out the day, marking an intraday high of $3.258 at 2:20PM, July closed nearly flat on Thursday at $3.253.

The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended June 11th – below the market estimate of 74 BCF. Please note a reclassification of working gas to base gas of 51 BCF in the Pacific region; the implied net change for the week is an addition of 67 BCF. Total working gas in storage was reported as 2,427 BCF; 15.7% below this time last year and 4.9% below the five-year average.

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.