Monday, August 26th saw the front-month NYMEX Natural Gas Futures Contract open at $1.979, four cents below Friday’s closing price of $2.022. Ascending to tally the intraday high of $2.006 at 9:30AM and again at 10:00AM, prices then withdrew to reach the intraday low of $1.949 at 11:15AM. Continuing last week’s pullback, with autumn temperatures on the horizon and storage levels elevated, the contract traded sideways along $1.960 into the afternoon. September closed lower on Monday at $1.956.
The EIA Natural Gas Storage Report published last Thursday showed a 35 BCF injection to storage for the week ended August 16 – above the market estimate of a 25 BCF injection. Total working gas in storage was reported as 3,299 BCF; 7.2% above this time last year and 12.6% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was down 42 cents; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was flat.
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.
