August NYMEX Natural Gas Futures Contracts Closed at $2.940 on Thursday, June 28th

Market Insights
Natural Gas
June 29, 2018
On Thursday, June 28th – 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 22nd – 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.  

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