June NYMEX Natural Gas Futures Contract Closed at $2.307 on Thursday, May 25th

Thursday, May 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.382, two cents below Wednesday’s closing price of $2.398. Trading evenly along $2.385 leading up to the weekly storage publication, prices briefly jumped to the intraday high of $2.410 as the report hit the wire at 10:30AM. Losing momentum soon thereafter, despite the injection landing on the bullish side of expectations, the contract pulled back as the session drew on due to below-average forecasted cooling demand. June closed lower on Thursday at $2.307.

In similar fashion, the July closed nine cents lower at $2.476.

The EIA Natural Gas Storage Report published on Thursday showed a 96 BCF injection to storage for the week ended May 19 – in line with the market estimate of 94 BCF. Total working gas in storage was reported as 2,336 BCF; 29.3% above this time last year and 17.0% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was up 56 cents; Natural Gas was down five cents; Heating Oil was up two cents; and Gasoline was up two cents.
                                               
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.
 

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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.