Energies Futures Prices

Jul Nymex natural gas (NGN20) on Thursday closed up +0.001 (+0.05%).

July nat-gas prices on Thursday settled little changed. Nat-gas prices initially moved lower Thursday on forecasts for cooler temperatures to move into the eastern United States. Maxar on Thursday said that temperatures will be above normal across most of the U.S. through June 8 before easing in the following week, and that the East Coast may see unusually cool readings from June 14-18, which should curb nat-gas demand for electrical power to run air-conditioning.

Nat-gas prices then recovered all of their losses Thursday after the EIA reported that U.S. nat-gas inventories rose 102 bcf last week, below the consensus of 106 bcf and just below the 5-year average of 103 bcf for the week.

Industrial demand for nat-gas remains weak with the U.S. economy still slowed by the pandemic. BNEF reported that nat-gas demand from U.S. industrial consumers in May fell -4 bcf/d from a year earlier.

Dem... Read more

Jul WTI crude oil (CLN20) on Thursday closed up +0.12 (+0.32%) at $37.41, Aug Brent crude oil (CBQ20) closed up +0.20 (+0.48%) at $39.99, and Jul RBOB gasoline (RBN20) closed up +0.0297 (+2.65%).

The energy complex on Thursday shook off early losses and closed higher with RBOB gasoline at a 2-3/4 month high. Crude prices gained after the dollar index tumbled to a 2-1/2 month low and after Saudi Arabia and Russia said they have reached a preliminary deal to extend crude output cuts for an extra month through July. Oil and gasoline prices also found support on concerns about Tropical Storm Cristobal as it heads toward the U.S. Gulf Coast, potentially causing disruptions for Gulf oil rigs and tanker deliveries in Gulf ports, along with disruptions at Gulf coast refineries where 45% of the total U.S. gasoline refining capacity is located.

Crude prices initially opened lower Thursday on concern OPEC+ lacks the unity to extend its crude production cuts. Saudi Arabia and Russ... Read more