Friday, August 7th saw the front-month NYMEX Natural Gas contract open at $2.653, $0.013 above Thursday’s closing price of $2.640. Recording the intraday low of $2.649 by 9:05AM and an intraday high of $2.690 at 10:25AM, traders took advantage of the recently diminished contract as prices traded sideways near $2.670 into the afternoon. September closed higher on Friday at $2.662; down 3% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 33 BCF injection to storage for the week ended July 31 – above the market estimate of 27 BCF. Working gas in storage was reported as 3,117 BCF; 0.4% below this time last year and 6.7% above the five-year average.
In Globex, as of 7:20AM this morning, WTI Crude was up $1.120; Natural Gas was up $0.098; Heating Oil was up $0.114; and Gasoline was up $0.048.
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