Wednesday, July 16th saw the front-month NYMEX Natural Gas contract open at $3.572, $0.049 above Tuesday’s closing price of $3.523. Trading within a tight band near $3.570 through the morning, the overnight jump was attributed sustained above-average temperatures for the coming two weeks. Reaching the intraday high of $3.598 ahead of midday, the contract trended lower to mark the intraday low of $3.491 at 2:05PM. Posting a late recovery, August closed higher on Wednesday at $3.551.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 42 BCF injection to storage for the week ended July 11. This compares to a 10 BCF injection this time last year and a five-year average injection amount of 41 BCF.
As of 7:40AM this morning in Globex, WTI Crude was up $0.230; Natural Gas was up $0.013; Heating Oil was up $0.012; and Gasoline was up $0.005.
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