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Near term weather forecasts continue to shift cooler as we work toward peak summer heat, countering long range summer temperature forecasts.
Monday 6/1
July natural gas futures fell $0.111 to settle at $3.179 per MMBtu, fading from recent highs as profit-takers took control. In broader macroeconomic news, the May ISM Manufacturing PMI rose to a four-year high of 54.0%, helping boost July WTI crude oil by $0.74 to close at $92.16 per barrel on robust manufacturing demand. Driven by the positive factory momentum, equity markets climbed higher.
Tuesday 6/2
Natural gas prices eased further, dropping $0.012 to settle at $3.167 per MMBtu as LNG feed gas flows softened. On the macro front, the April JOLTS Report revealed available jobs unexpectedly surged to a near two-year high of 7.6 million. July WTI crude oil added $1.60 to close at $93.76 per barrel on geopolitical volatility, while equity markets finished mixed.
Wednesday 6/3
Natural gas prices rebounded by gaining $0.047 to settle at $3.214 per MMBtu ahead of weekly inventory data. Macroeconomic updates showed the May ISM Services PMI outpaced forecasts at 54.5%, while ADP Private Payrolls cooled to 109,000. July WTI crude oil leaped $2.26 to settle at $96.02 per barrel on growing fighting in the Persian Gulf, while equity markets slipped amid heightened interest rate volatility.
Thursday 6/4
Natural gas prices surged $0.122 to settle at $3.336 per MMBtu, marking a multi-month high on tightening storage outlooks and warming forecasts. Meanwhile, Weekly Initial Jobless Claims jumped by 13,000 to a four-month high of 225,000. July WTI crude oil plummeted $2.98 to settle at $93.04 per barrel due to shifting geopolitical headlines, which knocked Treasury yields down and allowed equities to bounce.
Friday 6/5
Natural gas prices shed $0.107 to settle at $3.229 per MMBtu as moderate weekend weather projections limited near-term cooling demand and two week forecasts shifted cooler. July WTI crude oil futures slipped down $2.38 to $92.35 per barrel amid hopes of peace deal developments this weekend and equity markets sank as AI names continued their pullback after recent record highs.
Looking Ahead
The 2026 U.S. LNG export pace will be elevated amid a minimized maintenance season due to the Iran war’s impact on global supply.
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