Wednesday, August 26th saw the front-month NYMEX Natural Gas contract open at $2.831, $0.061 above Tuesday’s closing price of $2.770. With cooling demand holding strong and contract settlement drawing near, prices tallied an intraday low of $2.825 early on as the contract rallied through the morning. Recording a five-week intraday high of $2.911 at 1:40PM, the final hour of trading saw a hasty withdrawal as September closed higher on Wednesday at $2.842.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 15 BCF injection to storage for the week ended August 21. This compares to an 18 BCF injection this time last year and a five-year average injection amount of 33 BCF.
In Globex, as of 6:50AM this morning, WTI Crude was up $0.050; Natural Gas was up $0.030; Heating Oil was down $0.056; and Gasoline was down $0.024.
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