Thursday, August 27th saw the front-month NYMEX Natural Gas contract open at $2.884, $0.042 above Wednesday’s closing price of $2.842. September settled higher on Thursday at $2.907.
The more actively traded October contract opened at $2.906, $0.032 above Wednesday’s closing price of $2.874. Steady buying early on saw prices climb to the $2.970 level by 10:00AM. Marking the intraday high of $2.990 at 10:30AM, the contract then withdrew. Recording the intraday low of $2.907 at 12:15PM, volatile trading into the afternoon ultimately resulted in October closing higher at $2.914.
The EIA Natural Gas Storage Report published on Thursday posted a 15 BCF injection to storage for the week ended August 21 – in line with the market estimate of 15 BCF. Working gas in storage was reported as 3,184 BCF; 0.9% below this time last year and 5.5% above the five-year average.
In Globex, as of 9:00AM this morning, WTI Crude was down $1.040; Natural Gas was down $0.069; Heating Oil was up $0.004; and Gasoline was up $0.029.
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
