Wednesday, July 8th saw the front-month NYMEX Natural Gas contract open at $3.305, $0.040 above Tuesday’s closing price of $3.265. Tallying the intraday high of $3.312 ahead of 9:15AM, the contract then proceeded to step lower throughout the session. Eyeing the impending storage injection, renewed uncertainty with Iran, and an increase in forecasted cooling demand, prices slip to cross midday at $3.260 and mark an intraday low of $3.203 at 2:15PM. August closed lower on Wednesday at $3.212.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 57 BCF injection to storage for the week ended July 3. This compares to a 53 BCF injection this time last year and a five-year average injection amount of 51 BCF.
In Globex, as of 6:45AM this morning, WTI Crude was up $0.480; Natural Gas was down $0.010; Heating Oil was up $0.002; and Gasoline was up $0.042.
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