June 2, 2014
- Last week was a short week on the NYMEX with financial markets closed on Memorial Day. The week was headlined by the expiration of the June contract on Wednesday and Thursday’s storage report.
- Tuesday and Wednesday started the week off bullishly with 10 and 11 cent gains on the prompt month. Wednesday saw the June contract expire as the prompt month at 4.619, down almost 18 cents from May’s expiration price.
- Thursday’s injection report of 114 BCF was slightly above expectations and put downward pressure on NYMEX prices. It marked the straight triple digit injection. Nonetheless, the storage deficit is still the elephant in the room.
- NOAA is predicting some rather cool weather in the Midwest and parts of the East in the coming week. Sustained cooler weather throughout the summer may bring some price relief as the summer progresses.