May 21 2024 Market Update

Welcome back from the Victoria Day long weekend.

The June NYMEX contract reached a new high $2.80 US /mm at 6am before selling off to $2.67.

Reasons given were various which means that nobody really knows.  I think this market is catching its breath (which is long overdue) and the next thrust will indicate the trend.

The NYMEX rest of summer strip (July to Oct) mirrored June in that it also reached a new local high of $2.957 US/mm before selling off to $2.87.  The strip is still below the January high.

Winter 24-25 strip reached a high of $3.60 US/mm before selling off to $3.53. This strip is still looking range bound and was not as strong as the June rally. A sell off in the prompt month could see a move here back down to the bottom of the range. [WFG]

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