Monday, July 20th saw the front-month NYMEX Natural Gas contract open at $2.885, $0.026 below Friday’s closing price of $2.911. Peaking at the intraday high of $2.893 by 9:25AM, bearish sentiment drove prices lower as supply and production remained robust and cooling demand faded. Finding the intraday low of $2.831 at 11:00AM, the contract traded within a narrow band near $2.845 throughout the afternoon. August closed lower on Monday at $2.860.
The EIA Natural Gas Storage Report published last Thursday posted a 41 BCF injection to storage for the week ended July 10 – in line with the market estimate of 41 BCF. Working gas in storage was reported as 3,024 BCF; 0.7% below this time last year and 6.4% above the five-year average.
In Globex, as of 8:15AM this morning, WTI Crude was up $1.070; Natural Gas was up $0.010; Heating Oil was down $0.010; and Gasoline was up $0.026.
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`