Friday, July 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.728, three cents below Thursday’s closing price of $2.757. Trading within a two-cent range of the opening marking through the morning hours, tallying the intraday high of $2.746 at 10:15AM, the previous day’s storage injection and bullish forecast helped to keep prices elevated. Dipping to an intraday low of $2.687 at 1:05PM, the contract mounted a closing recovery effort as August closed lower on Friday at $2.713; up nearly 7% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 41 BCF injection to storage for the week ended July 14 – in line with the market estimate of 45 BCF. Total working gas in storage was reported as 2,971 BCF; 24.0% above this time last year and 13.8% above the five-year average.
As of 7:40AM EST this morning in Globex, WTI Crude was up 35 cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up one cent..
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