June Natural Gas Futures Forge Rally but Fizzle to Finish Final Day as Front Month
The June Nymex natural gas futures contract rallied toward its expiration on Thursday,...
The June Nymex natural gas futures contract rallied toward its expiration on Thursday, pushing above $9.401 in intraday trading and reaching the highest level since 2008. Even as traders digested a weak storage print and renewed concerns about a supply crunch, many took profits in the final hour of trading that ultimately sent futures into the red. June settled at $8.908/MMBtu on Thursday, down 6.3 cents day/day.
July, which takes over as the front-month with trading Friday, fell 9.8 cents to $8.895.
After spiking nearly $1.00 over the two prior days, NGI’s Spot Gas National Avg. shed 25.0 cents to $8.650.
Oil rises to 2-month high on tight supplies, EU seeks Russian crude ban
NEW YORK May 26 Reuters Oil prices climbed about 3% to a two-month high on Thursday on...
NEW YORK May 26 Reuters Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar against a basket of currencies, which makes oil cheaper when purchased in other currencies.
Brent futures rose $3.37, or 3.0%, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.76, or 3.4%, to settle at $114.09.
After rising for six days in a row, Brent closed at its highest since March 25. WTI settled at its highest since May 16.
Dow extends win streak to fifth session as stocks finish sharply higher
Stocks closed sharply higher on Thursday, a day after minutes of the Federal Reserve's meeting in early...
Stocks closed sharply higher on Thursday, a day after minutes of the Federal Reserve's meeting in early May signaled a willingness by the central bank to consider pausing rate hikes later this year if the economy shows signs of wobbling. The Dow Jones Industrial Average DJIA, +1.61% added about 518 points, or 1.6%, ending near 32,638. Booking its 5th straight day of gains, the Dow scored its longest streak of wins since March 18, according to Dow Jones Market Data. The S&P 500 SPX, +1.99% advanced 2%, while the Nasdaq Composite Index COMP, +2.68% closed up 2.7%. The Fed still looks poised to lift its policy rate in half-point increments in June and July, but a view has emerged that it could hit reassess its approach in the fall, particularly if economic growth shows signs of sputtering or the labor market starts to falter.
Natural gas moves higher ahead of weekly inventory report
Natural gas futures are higher again, now trading around $9.26 as of 11:10 AM ET, with the June contract...
Natural gas futures are higher again, now trading around $9.26 as of 11:10 AM ET, with the June contract set for expiration today. Weekly inventory data is expected to show a build of 89 bcf.
Surging US refinery activity weighs on oil supplies
US crude oil and gasoline inventories slid by 1 million barrels and 482,000 barrels, respectively, last...
US crude oil and gasoline inventories slid by 1 million barrels and 482,000 barrels, respectively, last week, while distillate stockpiles added 1.7 million barrels, the Energy Information Administration reported. US refining capacity utilization climbed more than expected last week, to 93.2%, the highest since late December 2019, the EIA data show.
