Tuesday, June 3rd saw the front-month NYMEX Natural Gas contract open at $3.675, $0.019 below Monday’s closing price of $3.694. Falling to the intraday low of $3.631 at 9:20AM, LNG annual maintenance curtailed exports and overshadowed a slowdown in production. Trending higher soon thereafter, prices rose to cross midday at $3.700 and recorded a three-week intraday high of $3.764 at 1:15PM. July closed higher on Tuesday at $3.722.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 114 BCF injection to storage for the week ended May 30. This compares to a 96 BCF injection this time last year and a five-year average injection amount of 98 BCF.
As of 6:50AM this morning in Globex, WTI Crude was up $0.030; Natural Gas was down $0.054; Heating Oil was up $0.043; and Gasoline was down $0.007.
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