August 4, 2023
Thursday, August 3
rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.529, five cents above Wednesday’s closing price of $2.477. Picking up ground overnight as traders squared their positions ahead of the weekly storage publication, prices fluctuated along the $2.540 in the hour leading up to the report; marking the intraday low of $2.517 at 9:55AM. Jumping to $2.580 as the report hit the wire, as it landed on the bullish side of expectations, the contract pulled back quickly. Forging higher in the coming hours to reach the intraday high of $2.586 at 1:30PM, September closed higher on Thursday at $2.565
The EIA Natural Gas Storage Report published on Thursday showed a 14 BCF injection to storage for the week ended July 28 – in line with the market estimate of 15 BCF. Total working gas in storage was reported as 3,001 BCF; 22.4% above this time last year and 12.0% above the five-year average.
As of 8:05 AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up five 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.