Wednesday, August 19th saw the front-month NYMEX Natural Gas contract open at $2.844, $0.068 above Tuesday’s closing price of $2.776. News of increased cooling demand to the already bearish short-term forecast sent prices climbing to an intraday high of $2.875 at 9:45AM. Stepping lower soon thereafter to stabilize near $2.830 into the afternoon, the contract marked an intraday low of $2.805 at 2:20PM. September closed higher on Wednesday at $2.814.
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 8:35AM this morning, WTI Crude was up $3.050; Natural Gas was down $0.056; Heating Oil was up $0.052; and Gasoline was down $0.001.
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