June 3 2024 Market Update

Welcome to June

The NYMEX July prompt (front) month contract began this morning by trading up to $2.80US/mm by 845am, but then sold off to $2.63 at 1130am.  The market reversed again and traded up to $2.77 this afternoon (up 18 cents from Friday) on solid volume.

There were many explanations: European NG rallied on an unplanned outage of a Norwegian processing plant, increased US LNG demand, warmer weather.  

The NOAA 8-14 forecast map would seem to be reasonably balanced.

I think the simple explanation for today’s price action would be the best: a retracement of the big down move last week (until proven otherwise).

The winter 24 strip, which was trading inside the 3.30 to 3.50 range for the last two days, jumped above the range to $3.577, before settling back to $3.54.

Summer 25 and Winter 25-26 are both trading inside their respective ranges. [WFG]

Scroll to Top