Thursday, July 10th saw the front-month NYMEX Natural Gas contract open at $3.254, $0.040 below Tues-day’s closing price of $3.214. Recording the intraday low of $3.233 by 9:05AM, buying resumed soon there-after following the recent selloff. Trading along $3.285 ahead of the weekly storage publication, prices spiked to $3.339 as the bullish report hit the wire. Posting a cautious ascent into the afternoon, August rec-orded an intraday high of $3.362 at 2:15PM, closing higher on the day at $3.337.
The EIA Natural Gas Storage Report published last Thursday posted a 53 BCF injection to storage for the week ended July 4 – below the market estimate of a 59 BCF injection. Total working gas in storage was re-ported as 3,006 BCF; 5.8% below this time last year and 6.1% above the five-year average.
As of 7:50AM this morning in Globex, WTI Crude was up $0.750; Natural Gas was up $0.037; Heating Oil was up $0.031; and Gasoline was up $0.003.
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.