Monday, August 4th saw the front-month NYMEX Natural Gas contract open at $3.008, $0.075 below Friday’s closing price of $3.083. Achieving the intraday high of $3.028 at 9:35AM, the contract then continued its retreat as the storage glut persisted, and near-term cooling demand failed to inspire. Falling to $2.945 at 10:30AM, prices fell to record a fresh three-month intraday low of $2.895 at 12:30PM. September closed lower on Monday at $2.932.
The EIA Natural Gas Storage Report published last Thursday posted a 48 BCF injection to storage for the week ended July 25 – above the market estimate of a 34 BCF injection. Total working gas in storage was reported as 3,123 BCF; 3.8% below this time last year and 6.7% above the five-year average.
As of 8:15AM this morning in Globex, WTI Crude was down $1.140; Natural Gas was up $0.049; Heating Oil was down $0.040; and Gasoline was down $0.010.
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