Thursday, August 10th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.914, three cents above Wednesday’s closing price of $2.883. Balancing along the $2.90 mark through 10:00AM, the contract then slipped to the intraday low of $2.881. Surging upward as the bullish storage report was released, the weather-dependent market finally found motive to approach the $3.00 level. Stabilizing near $2.98 by 11:00AM, prices gradually built to tally a two-week intraday high of $2.995 at 12:30PM. Able to sustain the day’s gains, September closed higher on Thursday at $2.985.
The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF injection to storage for the week ended August 4th – below the market estimate of 36 BCF. Total working gas in storage was reported as 3,038 BCF; 8.3% below this time last year and 2.0% above the five-year average.
This morning in Globex, WTI Crude was down 12 cents; Natural Gas was down one cent; Heating Oil was down slightly; and, Gasoline was up slightly. Additionally, cash prices were higher in New York and lower in New England.
Natural Gas Glossary
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to email@example.com or call 1-855-466-2842.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.