June 7, 2022
Monday, June 6
th saw the July NYMEX Natural Gas Futures Contract open at $9.007, forty-eight cents above Friday’s closing price of $8.523. Marking the intraday low of $8.994 within minutes of the opening bell, prices moved confidently higher throughout the morning hours to cross midday at $9.329. Ongoing production concerns will be further impacted as pipeline maintenance will now play a role in the tight supply/demand balance. Meanwhile LNG demand remains elevated and above average temperatures in the Southern portion of the country will increase cooling demand. Extending this rally to a near fourteen year intraday high of $9.369 at 2:15PM. July closed 9% higher on Monday at $9.322.
As of 7:30AM EST this morning in Globex, WTI Crude was down for cents; Natural Gas was up 15 cents; Heating Oil was down four cents; and Gasoline was down eight cents.
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