Wednesday, August 12th saw the front-month NYMEX Natural Gas contract open at $2.815, $0.048 above Tuesday’s closing price of $2.767. Receiving support overnight from a hotter shift to an already bullish forecast, prices traded within a narrow band near $2.810 throughout the morning. Marking the intraday high of $2.825 at 10:40AM and intraday low of $2.790 at 12:15PM, September closed higher on Wednesday at $2.804.
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 7:30AM this morning, WTI Crude was down $1.770; Natural Gas was down $0.032; Heating Oil was down $0.041; and Gasoline was down $0.010.
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