June 29, 2018
On Thursday, June 28
th – the August NYMEX Natural Gas Futures Contracts began trading as the prompt month. Opening at $2.997, nearly two cents above Wednesday’s closing price of $2.981, prices rose steadily through 10:30AM to reach a two-week intraday high of $3.021. Crashing downward as this week’s publication reported a smaller than expected injection plus a revision to last week’s injection from 91 to 95 BCF, the contract stabilized near the $2.98 mark until midday when it slipped to the intraday low of $2.930. Despite forecasted above-average temperatures heading through the next week, August hobbled sideways for the balance of the day to close lower on Thursday at $2.940.
The EIA Natural Gas Storage Report published on Thursday showed a 66 BCF injection to storage for the week ended June 22
nd – just below the market estimate of 68 BCF. Total working gas in storage was reported as 2,074 BCF; 26.2% below this time last year and 19.5% below the five-year average.
This morning in Globex, WTI Crude was unchanged; Natural Gas was down two cents; Heating Oil was up one cent; and, Gasoline was up one cent.
Natural Gas Glossary
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. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.