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Daily Market Update June 2, 2017

Early Morning Update

The Jul17 natural gas contract is trading up $0.02 at $3.03.  The Jul17 crude contract is down $0.96 at $47.40.


With improving production and cool weather for the beginning of June, all the natural gas market needed was a better-than-expected storage injection to push prompt month prices to their lowest level since St. Patrick’s Day.  The 81 Bcf build reported by the U.S. Energy Information yesterday for the week to May 26 helped push July deliveries for the NYMEX natural gas contract to $3.008/MMBtu, down 6.3 cents day-over-day.  The prompt month has dropped almost 23 cents just this week, and may have declined even further if $3.00 wasn’t such a strong technical and psychological barrier.  The weekly storage injection would also have been slightly larger (85 Bcf) if the EIA had not reclassified four Bcf of gas in the Mountain region from working gas to base gas.  The growth in storage inventories was in line with last year (80 Bcf), but still less than average (97 Bcf) for this time of year.  If cooler temperatures persist into summer, there is a good chance that the pace of storage building could pick up and finish the season higher than currently projected (3.6-3.7 Bcf).

Market Update 060217

Market Settles 060117

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