NYMEX NatGas Price Down 10% After High Storage Number Released
Strap in–the roller coaster ride continues. Yesterday the NYMEX Henry Hub front-month (July) futures contract for natural gas plunged 10%, by $0.62, following news that more gas was stored (“injected”) than previously anticipated by analysts and traders. Storage inventories rose to 2.169 Tcf (trillion cubic feet) for the week ended June 17 following a 74 Bcf (billion cubic feet) injection. Most people thought the injection would be no more than 60 Bcf. No doubt the ongoing outage at Freeport LNG pushing an extra 2 Bcf/d on the domestic market had something to do with the extra storage build. Models predict cooler weather is coming in the next few weeks. Throw it all into the pot–higher storage, Freeport offline, and cooler weather–and traders got spooked.
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