Tuesday, July 28th saw the front-month NYMEX Natural Gas contract open at $2.724, $0.043 below Monday’s closing price of $2.767. Recording the intraday high of $2.737 ahead of 9:30AM, the contract trended lower once again as market fundamentals remained bearish and the August contract expiration weighed in. Falling to a fresh multi-month intraday low of $2.653 at 12:10PM, August closed lower on Tuesday at $2.662.
Ready to assume the prompt-month position on Thursday, the September contract tread a similar path to finish $0.087 lower at $2.701.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 36 BCF injection to storage for the week ended July 24. This compares to a 48 BCF injection this time last year and a five-year average injection amount of 26 BCF.
In Globex, as of 7:25AM this morning, WTI Crude was up 3.900; Natural Gas was down $0.016; Heating Oil was up $0.145; and Gasoline was up $0.039.
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