Tuesday, September 1st saw the front-month NYMEX Natural Gas contract open at $2.860, $0.075 below Monday’s closing price of $2.935. Shrugging off current bullish forecasts in favor of stout supply levels, prices trended lower early on; marking the intraday low of $2.851 at 9:45AM. Crossing midday at $2.887 and ascending higher into the afternoon to reach an intraday high of $2.916 at 2:10PM, October closed lower 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 31 BCF injection to storage for the week ended August 28. This compares to an 55 BCF injection this time last year and a five-year average injection amount of 37 BCF.
In Globex, as of 7:15AM this morning, WTI Crude was down $0.230; Natural Gas was up $0.042; Heating Oil was down $0.044; and Gasoline was up $0.019.
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