Friday, August 15th saw the front-month NYMEX Natural Gas contract open at $2.898, $0.057 above Thursday’s closing price of $2.841. Recording the intraday low of $2.887 within minutes of the opening bell, prices continued upward to reach the intraday high of $2.966 at 10:15AM. Having tread into oversold territory, with cooling demand still elevated, markets weren’t surprised to see the contract bounce back following the recent sell-off. Balancing along the $2.930 level into the afternoon, September closed lower on Friday at $2.916; down 2.5% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 56 BCF injection to storage for the week ended August 8 – in line with the market estimate of a 60 BCF injection. Total working gas in storage was reported as 3,186 BCF; 2.4% below this time last year and 6.6% above the five-year average.
As of 7:25AM this morning in Globex, WTI Crude was up $0.290; Natural Gas was down $0.104; Heating Oil was down $0.011; 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
