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Wednesday Daily Commentary For Subscribers
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July Contract Roughed Up In First Session As Front-Month As Weather-Generated Demand Into Mid-June Still Looks Tepid; Will LNG Cargoes To Europe See 2020-Style Cancellations This Summer? This Is Why I Don’t Think So; Gas Demand To Edge Higher Today With Seasonal Injection Expected
Wednesday, May 31, 2023
This Daily Commentary is available to current Premium Membership Subscribers. Subscribers gain access to these 1500-3000 word commentaries 5 times per week as well as access to my realtime Oil & Natural Gas Portfolio. To learn more about subscribing and helping to support the site, please click HERE.
In its debut as the front-month contract, the July 2023 got off to a rough start as traders returned from the Holiday Weekend in a bearish mood. The July contract shed 9 cents or 3.7% to settle at $2.33/MMBTU while the T+1 August contract lost a similar 9 cents to $2.42/MMBTU. Natural gas ETFs underperformed due to a pullback after the 2:30 PM close of floor trading with 1x UNG losing 4.7% and 2x BOIL dropping 8.9%. This does set both ETFs up for some level of outperformance on Wednesday. Natural gas continues to face multiple headwinds. As I discussed in yesterday’s commentary, temperature continues to be the primary driver of bearish sentiment, with the lack of meaningful heat across the South at least into the second week of June that will suppress temperature-dependent cooling demand. This temperature outlook was largely unchanged yesterday and continues to apply downward pressure.
I want to now discuss another bearish influence: LNG exports & global gas prices. After risin...
Continue Reading Full Article (FOR SUBSCRIBERS)...
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