Tuesday, August 4th saw the front-month NYMEX Natural Gas contract open at $2.697, $0.084 below Monday’s closing price of $2.781. Recording the intraday high of $2.710 ahead of 9:15AM, prices trended lower to stabilize near $2.670 by 10:00AM. Marking the intraday low of $2.659 multiple times in the subsequent hour, the contract traded sideways into the afternoon as passing cooling demand will give way to more comfortable temperatures. September closed lower on Tuesday at $2.682.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 27 BCF injection to storage for the week ended July 31. This compares to a 7 BCF injection this time last year and a five-year average injection amount of 23 BCF.
In Globex, as of 8:05AM this morning, WTI Crude was up $0.380; Natural Gas was up $0.022; Heating Oil was up $0.009; and Gasoline was down $0.001.
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