NYMEX Natural Gas Futures Contract Jul23 NYMEX prompt month settlement +US$0.105/MMBtu at $2.597, low of $2.448, high of $2.602, trading range of $0.154. Summer 23 +$0.106 at $2.677, Winter 23 +$0.067 at $3.556.
Market Fundamentals Natural gas started off the day with a downward trend, but soon reversed as bullish investors start retaking control of the market. The move appears to be more financially drive, with bulls buying the dip and utilizing the Texas heat and recent production drop to fuel price action. Fundamentally, today’s weather run was in line with the previous days, showing below 10-year normal temperatures for the remainder of June, but with demand picking up next week. Tomorrow is another EIA storage report release, and the current estimate ranges in the low 90 Bcf range.