Friday, June 24th saw the July NYMEX Natural Gas Futures Contract open at $6.282, four cents below Thursday’s closing price of $ $6.239. Slipping to the intraday low of $6.067 at 9:30AM and recovering to the intraday high of $6.331 nearly an hour later, the contract traded within a tight band near $6.210 throughout the afternoon. Prices stabilized on Friday following the previous day’s sell off due to a bearish forecast shift and the uncertain impact of the Freeport LNG facility shutdown. July closed lower on Friday at $6.220; down 10% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 74 BCF injection to storage for the week ended June 17 – above the market estimate of 60 BCF. Total working gas in storage was reported as 2,169 BCF; 12.3% below this time last year and 13.2% below the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was up one cent.
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.
