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.