June 10 2024 Market Update

Happy Monday

NYMEX July contract opened the week with some strength.  New high of $3.10 US/mm, which is approaching the high on March 23rd.  The market then sold off starting at noon and got to $2.86. July was last trading $2.95.

Cooling demand was cited as the reason for the rally.  The weather forecast would support this conclusion. 

The rest of summer strip traded up to $3.14US/mm but then came off to $3.00.

Next winter traded up to the $3.80 level (same high as Jan 9th and May 23rd) but then sold down to $3.66.  Currently trading at $3.71.

Summer 25 traded up to $3.50 (same high as Jan 11th and May 23rd) but then sold off to $3.41. Last $3.43.

Winter 25-26 is well below recent highs and was last trading $4.15.

Have a good week.  [WFG] 

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