NYMEX Natural Gas Futures Contract June prompt month NYMEX contract settlement -US$0.126/MMBtu at $2.181, high of $2.298, low of $2.143, range of $0.155. July NYMEX contract settlement -$0.059 at $2.417, high of $2.479, low of $2.381, range of $0.098 | Summer 2023 -$0.066 at $2.444, Winter 2023 -$0.009 at $3.507.
Market Fundamentals Today marked the last day of trading for the June contract and prices continued to plummet. As a recap, the June contract was trading at $2.318 back at the start of the month, and hit a high of $2.585 back on May 19th, 2023. Once again, bullish momentum was not sustained, leading to prices dropping for the last week. Monday marks a holiday in the U.S. with reduced trading activity, so many traders looked to exit out of their existing positions prior to a decrease in liquidity. Weather is expected to continue warming at a trend close to the 10-year normal, which will keep demand soft for the time being. Wildfire activity has also decreased, leading to Western Canadian production returning to previous levels as the Lower-48 also continues to push upwards in volume. ~CL