Crazy last day of futures trading. The NYMEX sold off big time as the June contract expires today. All eyes have moved to July, which settled at $3.55 US/mm, down about 19 cents since yesterday.

Tomorrow’s storage report for the lower 48 is expected to be another strong injection, but Dawn storage is still experiencing some constraints for its customers. Enbridge reported 93 PJs in Dawn as of May 15th, but they are likely still injecting behind the scenes. It’s still a bit foggy as to how extreme of a summer this will be (and thus cooling demand), so the Utility will want to be prepared for anything before the peak months begin.

Looking ahead in the short term to early June, above-average temperatures are likely in the Eastern half of the US, after the current system bringing showers and thunderstorms dissipates in the South.