August NYMEX Natural Gas Futures Contracts Closed at $2.858 on Friday, July 6th

Friday, July 6th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.843, slightly above Thursday’s closing price of $2.837.  Declining initially to slip below $2.835, prices then rose to recapture the $2.845 mark ahead of the weekly storage report at 10:30AM.  Sinking to the intraday low of $2.826 as the bearish report was published, the contract then bounced back to reach $2.861 minutes later.  Stabilizing near $2.850 through midday, the afternoon posted modest gains as above-average weather is scheduled to return next week.  Marking the intraday high of $2.862 near 2:30PM, August closed higher on Friday at $2.858.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended June 29th – well above the market estimate of 65 BCF.  Total working gas in storage was reported as 2,152 BCF; 25.0% below this time last year and 18.6% below the five-year average.

This morning in Globex, WTI Crude was up 18 cents; Natural Gas was down one cent; Heating Oil was up two cents; and, Gasoline was up two cents.  Additionally, cash prices were lower in New York and New England.
 
Natural Gas Glossary
                                                                                                 
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.
 

Share:
RSS
Follow by Email
Facebook
X (Twitter)

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.