Monday, August 10th saw the front-month NYMEX Natural Gas contract open at $2.757, $0.095 above Friday’s closing price of $2.662. Recording the intraday low of $2.755 within minutes of the open, prices rose to stabilize near $2.795 by 9:30AM. A bullish shift over the weekend to short-term cooling demand helped the contract record the intraday high of $2.806 multiple times throughout the session, as prices traded within a narrow band. September closed higher on Monday at $2.794.
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 8:25AM this morning, WTI Crude was up $0.260; Natural Gas was up $0.001; Heating Oil was up $0.019; and Gasoline was up $0.004.
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