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July NYMEX Natural Gas Futures Contract Closed at $2.329 on Wednesday, June 7th

June 8, 2023
Wednesday, June 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.318, nearly six cents above Tuesday’s closing price of $2.262. Recording the intraday high of $2.345 before 9:15AM, prices trended downward to record the intraday low of $2.270 at 10:55AM. As tr ... Read More

The Oil Market Retraced Some of its Previous Losses on Wednesday Amid Unexpected Draws Reported in Crude Stocks

June 8, 2023
Recap:  The oil market retraced some of its previous losses on Wednesday amid unexpected draws reported in crude stocks. The crude market traded sideways in overnight trading as it traded towards the $72.00 level on the opening following the release of the API data which showed a ... Read More
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Concerns Over Global Economic Growth Outweighed Saudi Arabia's Pledge Over the Weekend to Increase its Output Cuts

June 7, 2023
Recap:   The oil market erased Monday’s gains and retraced almost 62% of its move from a recent low of $67.03 to its high of $75.06 on profit taking. Concerns over global economic growth outweighed Saudi Arabia’s pledge over the weekend to increase its output cuts by 1 million bp ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.262 on Tuesday, June 6th

June 7, 2023
Tuesday, June 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.201, four cents below Monday’s closing price of $2.245. Digesting the updated bullish weather forecasts overnight, the contract pulled back slightly, marking the intraday low of $2.192 within minu ... Read More

July NYMEX Natural Gas Futures Contract Closed at $2.245 on Monday, June 5th

June 6, 2023
Monday, June 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.263, nine cents above Friday’s closing price of $2.172. Seeking direction throughout the morning, following the overnight weather-induced rally, prices hovered along the $2.270 level through midday ... Read More

Saudi Arabia Pledged to Cut its Production by a Further 1 Million Bpd to 9 Million Bpd Starting in July

June 6, 2023
Recap:  The oil market rallied higher on Monday after Saudi Arabia pledged to cut its production by a further 1 million bpd to 9 million bpd starting in July. The cut is in addition to the broader deal by OPEC and non-OPEC producers to limit supply into 2024. The oil market gappe ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.172 on Friday, June 2nd

June 5, 2023
Friday, June 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.193, nearly four cents above Thursday’s closing price of $2.158. Ascending to trade along the $2.220 level ahead of 10:00AM, recording the intraday high of $2.233 multiple times throughout the morn ... Read More

The Market Was Well Supported After the U.S. Senate Passed a Bill Raising the Debt Ceiling Late Thursday Night

June 5, 2023
Recap:  On Friday, the oil market extended Thursday’s 3% gain and increased by an additional 2% ahead of the weekend. The market was well supported after the U.S. Senate passed a bill raising the debt ceiling late Thursday night, averting a default, and the jobs report indicated ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.158 on Thursday, June 1st

June 2, 2023
Thursday, June 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.200, nearly seven cents below Wednesday’s closing price of $2.266. Achieving the intraday high as the opening bell rang, prices retreated to the $2.170 level ahead of the weekly storage publicati ... Read More

The Oil Market Was Supported by Hopes For a Pause in U.S. Interest Rate Increases

June 2, 2023
Recap:  The market retraced little more than 62% of the selloff seen over the past couple of sessions, despite the weekly petroleum stock report showing an unexpected build in crude stocks of over 4 million barrels. The oil market was supported by hopes for a pause in U.S. intere ... Read More
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