Thursday, August 20th saw the front-month NYMEX Natural Gas contract open at $2.740, $0.084 below Wednesday’s closing price of $2.814. Trading along $2.755 leading up to the weekly storage publication, marking the intraday high of $2.765 at 9:30AM, the contract then withdrew following the 10:30AM storage report. Despite meeting expectations, prices remained subdued to trade near $2.725 through midday. Recording an intraday low of $2.711 at 12:55PM, a late-day recovery effort saw September close lower on Thursday at $2.733.
The EIA Natural Gas Storage Report published on Thursday posted a 16 BCF injection to storage for the week ended August 14 – in line with the market estimate of 14 BCF. Working gas in storage was reported as 3,169 BCF; 0.9% below this time last year and 6.2% above the five-year average.
In Globex, as of 5:50AM this morning, WTI Crude was down $0.390; Natural Gas was up $0.050; Heating Oil was down $0.011; and Gasoline was up $0.026.
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
