Wednesday, August 6th saw the front-month NYMEX Natural Gas contract open at $3.052, $0.042 above Tuesday’s closing price of $3.010. Finding support from steady LNG exports and updated bullish forecasts, the contract maintained overnight gains. Marking the intraday low of $3.024 at 12:15PM and intraday high of $3.090 at 1:30PM, September closed higher on Wednesday at $3.077.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 11 BCF injection to storage for the week ended August 1. This compares to a 21 BCF injection this time last year and a five-year average injection amount of 29 BCF.
As of 8:00AM this morning in Globex, WTI Crude was up $0.320; Natural Gas was up $0.041; Heating Oil was up $0.007; and Gasoline was up $0.013.
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