Tuesday, August 25th saw the front-month NYMEX Natural Gas contract open at $2.703, $0.079 below Monday’s closing price of $2.782. Marking the intraday low of $2.701 soon after the opening bell, prices then traded gradually higher through the morning. Balancing fading summer cooling demand against short-term bullish weather forecasts and lower production, the contract rose to an intraday high of $2.785 at 2:05PM. September closed lower on Tuesday at $2.770.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 10 BCF injection to storage for the week ended August 21. This compares to an 18 BCF injection this time last year and a five-year average injection amount of 33 BCF.
In Globex, as of 7:25AM this morning, WTI Crude was down $2.070; Natural Gas was up $0.071; Heating Oil was down $0.130; and Gasoline was down $0.017.
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