Monday, August 18th saw the front-month NYMEX Natural Gas contract open at $2.873, $0.043 below Friday’s closing price of $2.916. Following Friday’s bargain-priced rally, an unsupportive shift to weather forecasts piled on to existing bearish fundaments as production remains steady and storage levels swell. Falling to the intraday low of $2.848 at 9:15AM, the contract posted a cautious ascent throughout the day. Crossing midday at $2.891, prices rose to an intraday high of $2.922 at 1:25PM. September closed lower on Monday at $2.890.
The EIA Natural Gas Storage Report published last Thursday posted a 56 BCF injection to storage for the week ended August 8 – in line with the market estimate of a 60 BCF injection. Total working gas in storage was reported as 3,186 BCF; 2.4% below this time last year and 6.6% above the five-year average.
As of 8:05AM this morning in Globex, WTI Crude was down $0.610; Natural Gas was down $0.053; Heating Oil was up $0.041; and Gasoline was down $0.011.
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