Monday, August 3rd saw the front-month NYMEX Natural Gas contract open at $2.781, $0.034 above Friday’s closing price of $2.747. Supported by forecasts for strong cooling demand in the short-term, the contract recorded the intraday high of $2.785 within minute of the open. Marking the intraday low of $2.741 at 10:15AM, prices traded within a narrow band near $2.765 for the balance of the day. September closed higher on Monday at $2.781.
The EIA Natural Gas Storage Report published last Thursday posted a 28 BCF injection to storage for the week ended July 24 – below the market estimate of 35 BCF. Working gas in storage was reported as 3,084 BCF; 1.0% below this time last year and 6.4% above the five-year average.
In Globex, as of 7:10AM this morning, WTI Crude was down $0.210; Natural Gas was down $0.042; Heating Oil was down $0.055; and Gasoline was down $0.040.
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