Monday, August 25th saw the front-month NYMEX Natural Gas contract open at $2.664, $0.034 below Friday’s closing price of $2.698. Recording the intraday low of $2.649, steady production and comfortable temperatures sent prices lower over the weekend. Posting a steady recovery on the back of updated weather forecasts, the contract tallied an intraday high of $2.717 at 11:00AM. Volatile trading into through the afternoon saw September close marginally lower at $2.696.
The EIA Natural Gas Storage Report published last Thursday posted a 13 BCF injection to storage for the week ended August 15 – in line with the market estimate of an 18 BCF injection. Total working gas in storage was reported as 3,199 BCF; 2.9% below this time last year and 5.8% above the five-year average.
As of 7:30AM this morning in Globex, WTI Crude was down $1.050; Natural Gas was up $0.019; Heating Oil was down $0.031; and Gasoline was down $0.022.
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
