Thursday, August 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.317, eight cents above Wednesday’s closing price of $2.233. Marking an intraday high of $2.318 out of the gate, prices fluctuated along either side of $2.300 leading up to the 10:30AM storage report. Plummeting to $2.245 upon the bearish report’s release, the contract stabilized along this mark until sinking further at 11:30AM. Finding support near $2.210, the larger than expected injection proved enough to put an end to the short-lived rally, as September fell to an intraday low of $2.192 before closing lower on Thursday at $2.202.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended July 26th – above the market estimate of 55 BCF. Total working gas in storage was reported as 2,634 BCF; 14.5% above this time last year and 4.5% below the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was up $1.23; Natural Gas was down eight cents; Heating Oil was up four cents; and Gasoline was up four cents.
Natural Gas Glossary
Natural Gas Supplier
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.