Tuesday, August 5th saw the front-month NYMEX Natural Gas contract open at $3.000, $0.068 above Monday’s closing price of $2.932. Recording the intraday low of 2.965, bulls then jumped on the recently diminished contract as prices ticked slowly higher. Crossing midday at $3.007 and peaking at the intraday high of $3.041 at 1:25PM, September closed higher on Tuesday at $3.010.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 11 BCF injection to storage for the week ended August 1. This compares to a 21 BCF injection this time last year and a five-year average injection amount of 29 BCF.
As of 8:20AM this morning in Globex, WTI Crude was up $0.840; Natural Gas was down $0.043; Heating Oil was up $0.042; and Gasoline was up $0.020.
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