August NYMEX Natural Gas Futures Contract Closed at $5.730 on Friday, July 1st

Friday, July 1st saw the August NYMEX Natural Gas Futures Contract open at $5.860, forty-four cents above Thursday’s closing price of $5.424. Prices quickly found the intraday high of $5.912 by 9:10AM, just moments after open. Prices had a consistent downward trend throughout the day, reaching their intraday low of $5.637 at 1:30PM, and again at 2:00PM. Prices rebounded a bit in the last half hour of trading, closing out the day $5.730.

The EIA Natural Gas Storage Report published on Thursday showed an 82 BCF injection to storage for the week ended June 24 – in line with the market estimate of 75 BCF. Total working gas in storage was reported as 2,251 BCF; 11.6% below this time last year and 12.5% below the five-year average.

As of 9:40AM EST this morning in Globex, WTI Crude was down $4.62; Natural Gas was down 16 cents; Heating Oil was down 13 cents; and Gasoline was down 15 cents.
 
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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.