Tuesday, July 22nd saw the front-month NYMEX Natural Gas contract open at $3.219, $0.106 below Monday’s closing price of $3.325. Recording the intraday low of $3.215 at 9:05AM, steady production and ample storage continued to apply bearish pressure. Posting a cautious ascent to attain the intraday high of $3.275 at 12:25PM, the contract proceeded to trade within a tight band near $3.245 into the afternoon. August closed lower on Tuesday at $3.252.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 31 BCF injection to storage for the week ended July 11. This compares to a 22 BCF injection this time last year and a five-year average injection amount of 30 BCF.
As of 7:40AM this morning in Globex, WTI Crude was down $0.420; Natural Gas was down $0.028; Heating Oil was down $0.013; and Gasoline was down $0.002.
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