Wednesday, July 29th saw the front-month NYMEX Natural Gas contract open at $2.643, $0.019 below Tuesday’s closing price of $2.662. Trending higher throughout the session, August settled higher on Wednesday at $2.725.
The more actively traded September contract opened at $2.691, $0.010 below Tuesday’s closing price of $2.701. Marking an intraday low of $2.685 ahead of 9:30AM, prices traded cautiously higher throughout the session amid new forecasts for returning short-term cooling demand. Reaching an intraday high of $2.755 at 2:05PM, September closed higher on Wednesday at $2.722.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 35 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 7:40AM this morning, WTI Crude was down $0.088; Natural Gas was down $0.026; Heating Oil was down $0.102; and Gasoline was down $0.061.
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
