Wednesday, July 19
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.604, two cents below Tuesday’s closing price of $2.629. Seeking direction early on as traders digested updated weather forecasts, prices rose to $2.630 and managed to trade along this mark for the majority of the day. Peaking at the intraday high of $2.657 at 11:20, August pulled back slightly in the afternoon hours to record the intraday low of $2.597 ahead of closing. August closed lower on Wednesday at $2.603.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 45 BCF injection to storage for the week ended July 14. This compares to a 32 BCF injection at this time last year and a five-year average injection amount of 45 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was up eight cents; Heating Oil was unchanged; and Gasoline was up one cent.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to
natgas@spragueenergy.com or call 1-855-466-2842.