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Disappointing summer demand looked set to persist through late July, padding inventories amid LNG export terminal maintenance and dragging price lower.
Monday 7/6
August natural gas futures rose $0.490 from the prior week’s close to settle at $3.245 per MMBtu, as the market reacted to the summer heat forecast after the weekend. August WTI crude oil futures fell $0.14 to settle at $68.55 per barrel as easing geopolitical risk premiums and adequate global supply expectations pressured prices. Equity markets finished mixed as investors awaited key economic data and the start of second-quarter earnings season.
Tuesday 7/7
Natural gas futures rebounded, adding $0.020 compared to Monday’s settle to close at $3.265 per MMBtu, supported by persistent heat forecasts and strong LNG export demand. August WTI crude oil futures advanced $1.89 from per barrel as a weaker U.S. dollar and improved market sentiment lifted prices. Equity markets finished modestly higher, led by gains in industrial and energy shares.
Wednesday 7/8
Natural gas futures turned lower, falling $0.053 from Tuesday’s settle to finish at $3.212 per MMBtu as temperature expectations began to shift cooler. August WTI crude oil futures pushed higher, adding $3.08 to settle at $73.52 per barrel as optimism surrounding summer supply shifted once more. Equity markets closed higher, supported by strength in energy and financial stocks.
Thursday 7/9
Natural gas futures retreated, falling $0.200 from Wednesday’s settle to close at $3.012 per MMBtu following an EIA storage report that saw the storage deficit to year-ago levels narrow further. August WTI crude oil futures declined $1.44 to settle at $72.08 per barrel as traders weighed inventory data against global demand expectations. Equity markets finished little changed as investors looked ahead to earnings season.
Friday 7/10
Natural gas futures fell $0.072 from Thursday’s settle to close at $2.940 per MMBtu as disappointing summer heat looked set to persist through late July, helping pad inventories at a time of LNG export terminal maintenance. August WTI crude oil futures fell $0.67 to settle at $71.41 per barrel as the market continues to react to geopolitical developments. Equity markets finished higher, with technology shares leading broad market gains.
Looking Ahead
El Nino is set to limit both hurricane activity this season as well as heating demand in the coming winter.
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