Wednesday, August 5th saw the front-month NYMEX Natural Gas contract open at $2.690, $0.008 above Tuesday’s closing price of $2.682. Recording the intraday high of $2.695 at 9:15AM and again later in the session, while marking the intraday low of $2.660 at 11:30AM, the contract traded within a narrow band on Wednesday. Analysts attributed the limited volatility to steady LNG demand, waning cooling demand, and positioning ahead of today’s storage report. September closed higher on Wednesday at $2.688.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 27 BCF injection to storage for the week ended July 31. This compares to a 7 BCF injection this time last year and a five-year average injection amount of 23 BCF.
In Globex, as of 7:00AM this morning, WTI Crude was up $0.700; Natural Gas was down $0.017; Heating Oil was down $0.026; and Gasoline was up $0.020.
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
