Natural Gas Maintains Large June Gain as Storage Data Release Approaches
%20(9).png)
As Another Storage Data Release Approaches, Natural Gas Maintains Its Large June Gain.
Introduction
In recent times, natural gas futures on the Henry Hub of the New York Mercantile Exchange have experienced significant gains. As another storage data release approaches, the market is eagerly anticipating the results. This article delves into the current state of natural gas, highlighting its performance in June and the factors influencing its prices.
June Gains And Historical Context
Gas futures on the Henry Hub have had a remarkable month, poised to achieve their highest performance since August. Back then, they reached a 14-year high of $10 per MMBtu (metric million British thermal units), recording a gain of approximately 15%. This surge in prices has caught the attention of market participants, who are beginning to recognize that higher price lows may be more prevalent moving forward.
Price Fluctuations And Summer Heat
Despite the absence of scorching summer temperatures across the nation, natural gas prices remain relatively stable. Henry Hub’s front-month hit a low of $2.448 this week, showing a slight increase compared to the beginning of June when it reached $2.136. Although the front-month contract experienced a temporary dip of 14 cents or 5.3%, it managed to bounce back, closing at $2.597 with a 4.2% increase.
Comments
Post a Comment