Tuesday, August 18th saw the front-month NYMEX Natural Gas contract open at $2.702, $0.012 above Monday’s closing price of $2.690. Marking the intraday low of $2.699 within minutes of the open, prices trudged gradually higher throughout the session as the market had drifted into oversold territory. Weighing steady production against hearty near-term cooling demand, the contract rose to an intraday high of $2.778 ahead of 2:30PM. September closed higher on Tuesday at $2.776.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 14 BCF injection to storage for the week ended August 7. This compares to a 13 BCF injection this time last year and a five-year average injection amount of 29 BCF.
In Globex, as of 8:40AM this morning, WTI Crude was down $0.600; Natural Gas was up $0.070; Heating Oil was down $0.048; and Gasoline was down $0.011.
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