The EIA reported a net gas storage injection of 46 BCF this morning for the week ending June 23, 2017. This week’s report was above the market’s expectation which was centered around a 42 BCF injection. It’s almost identical to the 41 BCF injected in the same week last year and bullish against the five-year average injection of 72 BCF.
On Wednesday, June 28, the July 2017 NYMEX natural gas futures expired at $3.067/MMBtu. The last five days of June trading produced gains for a total of $0.144/MMBtu, following record warm temperatures in the Desert Southwest.
August 2017 NYMEX crude oil futures are currently $0.28 higher at $45.02/Bbl. Although Saudi oil exports were lower in April and May, June loadings appears to be on the rise, along with higher exports from a few other OPEC member states.
Natural gas inventories currently stand at 2,816 BCF which is 319 BCF less than from this same week last year and 181 BCF above the five-year average