Thursday, July 23rd saw the front-month NYMEX Natural Gas contract open at $2.967, $0.042 above Wednesday’s closing price of $2.925. Recording the intraday high of $2.977 within minutes of the opening bell, prices stepped lower to stabilize near $2.935 by 9:30AM. Trading sideways in the hour leading up to the EIA publication, the contract moved cautiously higher following the slightly bullish injection. Crossing midday at $2.942, chopping trading ultimately saw August mark an intraday low of $2.908 at 2:15PM, closing lower on Thursday at $2.916.
The EIA Natural Gas Storage Report published on Thursday posted a 32 BCF injection to storage for the week ended July 17 – below the market estimate of 38 BCF. Working gas in storage was reported as 3,056 BCF; 0.5% below this time last year and 6.4% above the five-year average.
In Globex, as of 7:45AM this morning, WTI Crude was down $2.110; Natural Gas was down $0.008; Heating Oil was down $0.091; and Gasoline was down $0.086.
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
