Ron

June 13 Market Update

Happy Storage Day! The EIA announced that for the week ending June 7th, +74Bcf of gas was added to the storage inventory.  The consensus was for +75 injection, so we are going to call that inline with expectations. The market reacted with an immediate sell off, leading me to think that traders were actually expecting […]

June 13 Market Update Read More »

June 12 2024 Market Update

NYMEX natural gas futures fell today as the Mountain Valley Pipeline got federal approval yesterday after the close to begin shipping gas from the Appalachian producers to southern Virginia (and south from there).  The capacity of 2Bcf should relieve some of the pressure on this market. They might start this week. From the high yesterday

June 12 2024 Market Update Read More »

June 11 2024 Market Update

Another bullish day  The NYMEX contract achieved a high of $3.147 US/mm, basically the same level as May 23rd before it then started selling off.  The rest of summer strip trading up to $3.195, which was above the May 23rd high.  Winter 24-25 has a similar chart with the high of $3.895 not seen since

June 11 2024 Market Update Read More »

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

June 10 2024 Market Update Read More »

June 7 2024 Market Update

Happy Friday Quiet day.  Like most Fridays, traders don’t want to rock the boat if their books are settled for the weekend. The NYMEX July front month traded up to $2.899 at 8am, then traded down to $2.791 by 9am and then back up to $2.902 by 10am.  Then a slow crawl up to $2.94

June 7 2024 Market Update Read More »

June 6 2024 Market Update

Happy Storage Day NYMEX July contract rallied before the release to $2.877 US/mm, which was the same level as May 24th.  This was above the highs of the previous 7 trading days.  The EIA announced at 10:30 an injection of 94Bcf for the week ending May 31st, above the 89Bcf estimate (from Wall St Journal

June 6 2024 Market Update Read More »

June 5 2024 Market Update

Inside day today Today’s price action was inside yesterday’s, meaning today’s high is less than yesterday’s high and today’s low was more than yesterday’s low.  This makes sense in that we had a big down move yesterday and the storage report is tomorrow; Traders don’t want to take a new position in front of the

June 5 2024 Market Update Read More »

June 4 2024 Market Update

Interesting day in Natural Gas. NYMEX July contract started the day at 745am by making a high of $2.829 US/mm.  Everything was looking good for the longs, but it started selling off and broke down to $2.60 at 145pm.  Currently at 4pm we are trading at $2.60.  Today was what market technicians would call a

June 4 2024 Market Update Read More »

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

June 3 2024 Market Update Read More »

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

May 31 2024 Market Update Read More »

Scroll to Top