August 31, 2023
Wednesday, August 30
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.650, a penny below Tuesday’s closing price of $2.662. Following a brief dip to the intraday low of $2.647 in the day’s opening minutes, the contract was quick to trend higher. Stabilizing near $2.750 by 10:30AM, prices rose to attain an intraday high of $2.803 ahead of 2:30PM as Hurricane Idalia churns through the southeast. October closed higher on Wednesday at $2.796.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended August 25. This compares to a 61 BCF injection at this time last year and a five-year average injection amount of 51 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was up two cents; Heating Oil was up one cent; 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.
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. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.