July 31, 2023
Friday, July 28
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.655, six cents above Thursday’s closing price of $2.595. Ascending to reach the intraday high of $2.685 by 9:15AM, the contract then pulled back to continue the previous day’s sell-off. Despite forecasts for increased cooling demand and Thursday’s bullish storage injection, prices fell to an intraday low of $2.595 at 11:30AM. Trading sideways into
the afternoon, September closed lower on Friday at $2.638.
The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended July 21 – above with the market estimate of 8 BCF. Total working gas in storage was reported as 2,987 BCF; 23.7% above this time last year and 13.1% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was up four cents; Heating Oil was up slightly; and Gasoline was down two cents.
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.