NYMEX Natural Gas Futures Contract June prompt month -US$0.091/MMBtu at $2.307, high of $2.441, low of $2.258, traded range of $0.183 | Summer 2023 -$0.083 at $2.51, Winter 2023 -$0.066 at $3.516.
Market Fundamentals Bearish sentiment continues as the June NYMEX contract looks to expire tomorrow. Record high production in May of 101.5 billion cubic feet (Bcf) per day has now surpassed April, and will look to continue trending up as maintenance efforts come to a close. Today’s U.S. Energy Information Administration (EIA) storage release showed an injection of 96 Bcf, which was smaller-than-expected but not enough to fuel prices upwards. As near-normal weather and weak demand continue, prices will look to stay soft into June. ~CL