Thursday, June 9th saw the July NYMEX Natural Gas Futures Contract open at $8.277, forty-two cents below Wednesday’s closing price of $8.699. Falling to an intraday low of $8.016 ahead of 10:00AM, prices recovered to the opening mark territory ahead of the weekly storage publication. Trending higher following the report’s release, the contract crossed midday at $8.860. Following the incident at the Freeport LNG export facility on Wednesday, we can expect the facility to be offline for three months. Despite this glut of gas that will now flow to domestic demand, Thursday’s bullish sentiment was due to the ongoing year-over-year storage. July closed higher on Thursday at $8.963.
The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended June 3 – in line with the market estimate of 96 BCF. Total working gas in storage was reported as 1,999 BCF; 16.6% below this time last year and 14.5% below the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up 89 cents; Natural Gas was down two cents; Heating Oil was up eight cents; and Gasoline was up two cents.
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