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July NYMEX Natural Gas Futures Contract Closed at $2.266 on Wednesday, May 31st

June 1, 2023
Wednesday, May 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.372, five cents above Tuesday’s closing price of $2.327. Peaking at the intraday high of $2.410 ahead of 9:30AM, the contract then posted a steady descent that would span the balance of the sess ... Read More

The Crude Market Traded Mostly Sideways in Overnight Trading Before it Began its Sell Off

June 1, 2023
Recap:  The oil market continued to trend lower on Wednesday following some weak data from China. The crude market traded mostly sideways in overnight trading before it began its sell off. The market, which posted a high of $69.69 in overnight trading, sold off to a low of $67.03 ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.327 on Tuesday, May 30th

May 31, 2023
Tuesday, May 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.323, nine cents below Friday’s closing price of $2.417. Following the long holiday weekend, prices peaked at the intraday high of $2.340 at 9:15AM as short-term weather forecasts remained bearish. ... Read More

The Physical Market for Crude Signaled that Supplies are More Than Enough to Meet Demand

May 31, 2023
Recap:  The oil market sold off on Tuesday as the physical market for crude signaled that supplies are more than enough to meet demand. Bloomberg reported that WTI’s June-July cash roll fell to a discount of 30 cents/barrel, indicating lower demand for barrels being delivered in ... Read More
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July NYMEX Natural Gas Futures Contract Closed at $2.417 on Friday, May 26th

May 30, 2023
Friday, May 26th settlement day for the June contract, saw the front month open at $2.240, nearly seven cents below Thursday’s closing price of $2.307. June settled lower on Friday at $2.181. The more actively traded July contract opened at $2.407, seven cents below Thursday’s ... Read More

The Oil Market Posted an Inside Trading Day Amid the Uncertainty of an OPEC+ Supply Cut

May 30, 2023
Recap:  The oil market posted an inside trading day amid the uncertainty of an OPEC+ supply cut at its meeting this week and the ongoing debt ceiling negotiations. The market posted a low of $71.49 in overnight trading but bounced off that level and traded to a high of $73.05 by ... Read More
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June NYMEX Natural Gas Futures Contract Closed at $2.307 on Thursday, May 25th

May 26, 2023
Thursday, May 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.382, two cents below Wednesday’s closing price of $2.398. Trading evenly along $2.385 leading up to the weekly storage publication, prices briefly jumped to the intraday high of $2.410 as the rep ... Read More

The Oil Market on Thursday Retraced Nearly all of its Gains Earlier This Week

May 26, 2023
Recap:  The oil market on Thursday retraced nearly all of its gains seen earlier this week as Russia downplayed the prospect of further OPEC+ production cuts at its meeting next week. The market traded mostly sideways and posted a high of $74.37 in overnight trading. However, the ... Read More
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June NYMEX Natural Gas Futures Contract Closed at $2.398 on Wednesday, May 24th

May 25, 2023
Wednesday, May 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.372, five cents above Tuesday’s closing price of $2.321. Gaining ground overnight, the contract stabilized near $2.380 for the duration of the session as traders overlooked bearish weather forec ... Read More

The Oil Market on Wednesday Continued to Trend Higher Following a Large Unexpected Draw in Crude Oil Stocks

May 25, 2023
Recap:  The oil market on Wednesday continued to trend higher following a large unexpected draw in crude oil stocks and a warning from the Saudi Energy Minister on Tuesday that raised the prospect of further OPEC+ production cuts. The market traded higher overnight following the ... Read More
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