NYMEX July gas price rises amid lower-thanexpected storage report, declining power burn demand

摘要

The NYMEX front-month natural gas contract rose June 4, while storage injections were reported under market expectations and power burn demand projections move down. The July contract traded in a range of $1.795-$1.854 and settled at $1.822/MMbtu, up by 0.1 cents on the day. “We are stuck in the $1.60-$2.00/MMBtu range as we battle with what will be the primary driver,” said Gene McGillian, senior analyst at Tradition Energy. “Storage injections were under market expectations and demand in the power sector has been boosting prices, while a reduction in production and reduced demand from the coronavirus - which is affecting LNG exports - pushes back on prices. I am more bullish, but the scales haven’t decided which way they will tip.”