NYMEX Natural Gas Futures Contract NYMEX Jul23 prompt month +US$0.014/MMBtu @$2.172, low of $2.138, high of $2.233, range of $0.095 | Summer 23 +$0.031 @$2.309, Winter 23 +$0.052 @$3.383.
Market Fundamentals Although it’s still hot today, the heatwave is set to recede starting tomorrow and markets feel the same. Although slightly up, natural gas continues to remain relatively unchanged as mild weather continues to be forecasted. In fact, the 6 to 10-day period has actually cooled over the past few weather model runs. Production now holds at 101.3 Bcf, down from the previous highs at +102 Bcf, but still stronger Y-o-Y nonetheless. As prices fall, production curtailment is still a concern, and volumes trending towards 100 Bcf could indicate a shift. ~CL