Monday, July 27th saw the front-month NYMEX Natural Gas contract open at $2.774, $0.097 above Friday’s closing price of $2.871. Marking the intraday high of $2.793 ahead of 9:30AM, bearish sentiment ruled the day as tensions with Iran and strong production over-shadowed cooling demand. Trading along either side of $2.775 through midday, prices touched down to nearly a three-month intraday low of $2.751 at 2:15PM. August closed lower on Monday at $2.767.
The EIA Natural Gas Storage Report published last Thursday posted a 32 BCF injection to storage for the week ended July 17 – below the market estimate of 38 BCF. Working gas in storage was reported as 3,056 BCF; 0.5% below this time last year and 6.4% above the five-year average.
In Globex, as of 9:00AM this morning, WTI Crude was down $1.590; Natural Gas was down $0.045 Heating Oil was up $0.044; and Gasoline was up $0.004.
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