NYMEX Natural Gas Futures Contract Prompt month NYMEX Natural Gas Futures Jul23 +US$0.073/MMBtu at $2.245, low of $2.184, high of $2.317, trading range of $0.133 | Summer 23 +$0.069 at $2.378, Winter 23 +$0.056 at $3.439.

Market Fundamentals Markets looked to be on the bullish side as prices climbed from yesterday’s Sunday 6PM open into this morning. Prices were unable to pass the high of $2.317 though and fell back down to settle around 3% up from last Friday. In the near-term, warmer weather is a possibility for the 2nd half of June which will look to elevate prices as power generation demand picks up. A developing story at the bigger picture level is impacting natural gas. With the current debt ceiling deal having been fully approved, the Mountain Valley Pipeline is expected to reach completion without any further impediments. Previously put on hold, all permits are expected to be issued by June 24th, 2023, and work is expected to be done in four to five-months. The pipeline will connect Appalachian production to West Virginia to bring online long-awaited takeaway capacity. In anticipation, it is expected that producers will bring rigs back online throughout the summer. ~CL

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