Tuesday, July 7th saw the front-month NYMEX Natural Gas contract open at $3.201, $0.044 below Monday’s closing price of $3.245. Recording the intraday low of $3.189 within minutes of the opening bell, the contract traded higher soon thereafter to attain an intraday high of $3.293 ahead of 11:00AM. Assessing the impact of elevated cooling demand later this month, prices traded near $3.275 into the afternoon. August closed higher on Tuesday at $3.265.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 57 BCF injection to storage for the week ended July 3. This compares to a 53 BCF injection this time last year and a five-year average injection amount of 51 BCF.
In Globex, as of 6:45AM this morning, WTI Crude was up $3.510; Natural Gas was up $0.042; Heating Oil was up $0.117; and Gasoline was up $0.029.
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