Tuesday, July 21st saw the front-month NYMEX Natural Gas contract open at $2.861, $0.001 above Monday’s closing price of $2.860. With market fundamentals largely unchanged, the contract traded within a tight range along $2.865 throughout the session; intraday high of $2.882 at 11:35AM and intraday low of $2.845 at 1:55PM. Awaiting the next storage report and market catalyst, August finished higher on Tuesday at $2.865.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 38 BCF injection to storage for the week ended July 17. This compares to a 23 BCF injection this time last year and a five-year average injection amount of 30 BCF.
In Globex, as of 7:50AM this morning, WTI Crude was up $3.080; Natural Gas was up $0.045; Heating Oil was up $0.088; and Gasoline was up $0.056.
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