NYMEX Natural Gas Futures Contract June prompt month +US$0.109/MMBtu at $2.375, high of $2.384, low of $2.25, range of $0.134 | Summer 2023: +$0.098 at $2.576, Winter 2023: +$0.097 at $3.617.
Market Fundamentals Friday momentum continued following the release of the Baker Hughes rig count. As a reminder, the rig count in the Lower 48 fell from 157 to 141, indicating potential producer sentiment of cutting production. Prices continued to rally today amidst this news and some cooler weather for mid-week this week. For context, we now return to the trading level seen at the beginning of this month. ~CL