Friday, August 1st saw the front-month NYMEX Natural Gas contract open at $3.125, $0.019 above Thursday’s closing price of $3.106. Recording the intraday high of $3.128 by 9:05AM, prices trended lower to reach the intraday low of $3.051 at 10:30AM. Seeking direction throughout the session, competing fundamentals of ample storage and impending increased cooling demand later in the month, prices hovered near the $3.090 level into the afternoon. September closed lower on Friday $3.083; down 0.09% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 48 BCF injection to storage for the week ended July 25 – above the market estimate of a 34 BCF injection. Total working gas in storage was reported as 3,123 BCF; 3.8% below this time last year and 6.7% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $1.190; Natural Gas was down $0.010; Heating Oil was down $0.017; and Gasoline was down $0.022.
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
