NYMEX Natural Gas Futures Contract Jul23 prompt month expiry settlement -US$0.16/MMBtu at $2.603, low of $2.593, high of $2.839, traded range of $0.246. Summer 23 -$0.121 at $2.662, Winter -$0.046 at $3.487.

Market Fundamentals After reaching a 16-week high, natural gas prices are on the decline as the July contract looks to expire today. Changing fundamentals continue to weigh against each other. Production on Wednesday has dropped to 99.8 Bcf/d (+3.0% year over year), but moderately below the record high of 101.7 Bcf/d. Even so, recent end of season injection balances have actually increased given the month long maintenance completed at Sabine Pass LNG, significantly longer than expected. Maintenance continues to be a factor affecting the recorded numbers, so we may see a period of quietness as market participants wait for the market to re-calibrate.

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