May 31 2024 Market Update

Happy Friday

NYMEX July contract drifted up two cents to $2.59US/mm on the lowest volume for the week.

Reasonable price action for a few reasons.  The market was down hard this week and now traders are catching their breath. Some retrace of the big down move is normal and healthy. Moreover, today is the end of the month and traders have their books balanced for the new month.  Furthermore, it has been quite the volatile month so they don’t want to do anything to upset those balanced books.  Finally, they want to go home early and enjoy the warm weather.  We could not agree more.

The rest of summer strip is up two cents to $2.66.

Winter 24-25 is up 3 cents to $3.47 US/mm.

The 8-14 day forecast is for normal or below normal temperatures for most of the country.  Eastern Oregon and Idaho along with the southern bits of Texas and Florida are expected to be above normal. 

Have a good weekend.  [WFG]

Scroll to Top