August 25, 2023
Thursday, August 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.436, slightly above Tuesday’s closing price of $2.497. Marking the intraday low of $2.425 soon after 9:00AM, the contract traded sideways along $2.445 as the weekly storage publication drew near. Spiking to $2.555 as the bullish report hit the wire, traders were able to maintain this rally for the balance of the day, hinting that the contract was possibly oversold. Reaching the intraday high of $2.565 at 12:15PM, September closed higher on Thursday at $2.519.
The EIA Natural Gas Storage Report published on Thursday showed an 18 BCF injection to storage for the week ended August 18 – below with the market estimate of 27 BCF. Total working gas in storage was reported as 3,083 BCF; 20.0% above this time last year and 9.5% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.03; Natural Gas was down slightly; Heating Oil was up four cents; and Gasoline was up 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.