Wednesday, August 27th saw the front-month NYMEX Natural Gas contract open at $2.771, $0.054 above Tuesday’s closing price of $2.717. In a choppy final session as the prompt month, prices rallied to attain an intraday high of $2.906 at 2:05PM. September settle higher on Wednesday at $2.867.
The October contract opened at $2.860, $0.070 above the previous day’s closing price of $2.790. Forging a similar, yet less volatile, path throughout the session, prices peaked at a high of $2.914 at 2:05PM. October closed higher on Wednesday at $2.886.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 20 BCF injection to storage for the week ended August 22. This compares to a 35 BCF injection this time last year and a five-year average injection amount of 38 BCF.
As of 7:40AM this morning in Globex, WTI Crude was down $0.020; Natural Gas was down $0.027; Heating Oil was down $0.007; and Gasoline was down $0.002.
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
