Tuesday, July 14th saw the front-month NYMEX Natural Gas contract open at $2.865, $0.032 below Monday’s closing price of $2.897. Recording the intraday low of $2.850, the contract was quick to reclaim lost ground as the current heatwave lent a hand to increased power generation, overlooking steady production and partially sidelined LNG exports. Marking the intraday high of $2.913 at 11:45AM, prices traded within a tight band into the afternoon. August closed higher on Tuesday at $2.904.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 39 BCF injection to storage for the week ended July 10. This compares to a 46 BCF injection this time last year and a five-year average injection amount of 45 BCF.
In Globex, as of 7:10AM this morning, WTI Crude was up $0.660; Natural Gas was down $0.007; Heating Oil was up $0.002; and Gasoline was up $0.036.
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