June 30, 2014
- Natural gas trading on the NYMEX last week was highlighted by the expiration of the July 2014 contract, the storage injection report and another healthy dip in prices. The 12 month average shed just over 16 cents for the second week in a row.
- Thursday marked the expiration of the prompt month July 2014 contract, which settled at $4.40. This is down 21.9 cents from June’s expiration and is the cheapest contract expiration we have seen so far this year.
- Thursday was a busy day, as it also brought the announcement of yet another triple digit injection (110 BCF) into natural gas storage. Traders reacted bearishly with the prompt month shedding over 15 cents on the day.
- NOAA is predicting cooler weather across the Midwest in the 6-10 day forecast and some analysts are calling for one of the coolest 4th of Julys on record.