Thursday, July 30th saw the front-month NYMEX Natural Gas contract open at $2.697, $0.025 below Wednesday’s closing price of $2.722. Recording the intraday low of $2.683 with minutes of the day’s open, prices quickly erased any overnight losses to trade along $2.715 ahead of 10:30AM. Jumping higher following the bullish injection, the contract rallied to record an intraday high of $2.776 at 11:55AM. Trading sideways along $2.760 throughout the afternoon, September closed higher on Thursday at $2.758.
The EIA Natural Gas Storage Report published on Thursday posted a 28 BCF injection to storage for the week ended July 24 – below the market estimate of 35 BCF. Working gas in storage was reported as 3,084 BCF; 1.0% below this time last year and 6.4% above the five-year average.
In Globex, as of 7:20AM this morning, WTI Crude was up $0.071; Natural Gas was up $0.009; Heating Oil was up $0.046 and Gasoline was down $0.075.
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
