June 2, 2015
- Trading on the NYMEX natural gas market was closed on Monday in honor of the Memorial Day holiday. Things picked back up on Tuesday and the prompt month spent a couple of days trying to fall below $2.80. It ultimately failed to do so and on Wednesday the June-2015 prompt month contract expired at $2.815.
- The remainder of the week was spent in a downward trend and by end of trading on Friday the 12 month average had dropped almost 20 cents on the week to settle under $2.90. The prompt month settled down almost a quarter on the week.
- The winter 2015-2016 average shed over 16 cents on the week to dip below $3.10 for the first time in about a month, settling Friday at $3.082.
- An injection of 112 BCF into natural gas storage came in above expectations which were mostly in the low 100’s. Storage levels are currently right on par with historical levels, differing by less than 1% from the EIA 5-year average.
- While the NOAA 6-10 day forecast below shows above average temperatures for the coming week, some long term summer forecasts shifted last week with cooler than normal weather predicted for the summer as a whole.
- Potentially reacting to these new forecasts, power prices experienced some substantial bearish moves last week. Ohio markets dipped more than 4% with Chicago and Pennsylvania falling over 5%. New York City dropped the least falling 3.7% on the week.