The July 2019 natural gas contract is no more, having rolled off the board today with a final price of $2.291, marking the lowest monthly settlement in just over three years, since the sub-$2.00 settlement of the June contract in 2016.
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Very weak supply/demand balances have been the main culprit, but recent weather patterns have done absolutely nothing to help put a halt to the price declines, as almost every single day in the month of June so far has seen below normal demand levels.
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In map form, you can see the dominance of "blue" colors, or, cooler than normal, which of course means less natural gas demand.
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We are, in fact, looking at one of the coolest (lowest demand) June months that we've seen in several years.
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This has been a definite contributing factor toward allowing us to see six 100+ weekly builds, per EIA reports.
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The tide is turning, however, as we are finally about to string together several above normal demand days over the next week or two.
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Hotter than normal temperatures will be focused across key areas of the Midwest to East in the near term.
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