Friday, July 24th saw the front-month NYMEX Natural Gas contract open at $2.948, $0.032 above Thursday’s closing price of $2.916. Tallying the intraday high of $2.957 ahead of 9:05AM, the contract sought direction through the morning, as it volleyed along either side of $2.930. Weighing healthy storage levels, mixed demand, and ongoing geopolitical risks, prices ultimately trended lower into the afternoon. Marking the intraday low of $2.859 at 1:55PM, August closed lower on Friday at $2.871.
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 7:55AM this morning, WTI Crude was down $6.060; Natural Gas was down $0.104; Heating Oil was down $0.060; and Gasoline was down $0.118.
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
