Wednesday, August 13th saw the front-month NYMEX Natural Gas contract open at $2.830, $0.022 above Tuesday’s closing price of $2.808. As bearish fundamentals persisted, prices stepped gradually lower through the morning to record the intraday low of $2.791 at 11:30AM. Finding value in the recently diminished contract, September recovered to record the intraday high of $2.851 at 2:15PM, closing higher on Wednesday at $2.828.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 60 BCF injection to storage for the week ended August 8. This compares to a 6 BCF withdrawal this time last year and a five-year average injection amount of 33 BCF.
As of 7:40AM this morning in Globex, WTI Crude was up $0.280; Natural Gas was down $0.022; Heating Oil was down $0.018; and Gasoline was up $0.020.
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