July NYMEX Natural Gas Futures Contract Closed at $6.944 on Friday, June 17th

Market Insights
Natural Gas
June 20, 2022
Friday, June 17th saw the July NYMEX Natural Gas Futures Contract open at $7.329, fourteen cents below Thursday’s closing price of $7.464. Tallying the intraday high of $7.439 within minutes of the opening bell, the contract then fell throughout the day as the Freeport LNG incident, stranding nearly 2 BCF /day for domestic use, is outweighing peak summer cooling demand. Crossing midday at $7.235, prices continued downward to a near two-month intraday low of $6.881 at 1:40PM. July closed lower on Friday at $6.944; down nearly 22% on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 92 BCF injection to storage for the week ended June 10 – in line with the market estimate of 91 BCF. Total working gas in storage was reported as 2,095 BCF; 13.6% below this time last year and 13.4% below the five-year average.

As of 8:00AM EST this morning in Globex, WTI Crude was up 76 cents; Natural Gas was down 16 cents; Heating Oil was up seven cents; and Gasoline was down one cent.
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