Tuesday, August 11th saw the front-month NYMEX Natural Gas contract open at $2.800, $0.006 above Monday’s closing price of $2.794. Recording the intraday high of $2.804 within minutes of the opening bell, the contract spent the back half of the morning trending lower to stabilize near $2.760. Marking the intraday low of $2.747 shortly after 11:00AM, traders seemed comfortable with current levels in spite of the impending increase in cooling demand. Posting a meager late-day recovery, September closed lower on Tuesday at $2.767.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 33 BCF injection to storage for the week ended August 7. This compares to a 56 BCF injection this time last year and a five-year average injection amount of 33 BCF.
In Globex, as of 7:25AM this morning, WTI Crude was down $0.020; Natural Gas was up $0.035; Heating Oil was down $0.001; and Gasoline was down $0.008.
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
