Wednesday, July 1st saw the front-month NYMEX Natural Gas Futures Contract open at $1.677, seven cents below Tuesday’s closing price of $1.751. Surging to an intraday high of $1.722 at 9:25AM, prices fell to an intraday low of $1.664 less than an hour later. Trading along either side of $1.685 for the duration of the day, markets are currently weighing expectations for increased demand due to warm forecasts, against fears of economic turmoil as reported cases of COVID-19 continue to climb. The August contract closed lower on Wednesday at $1.671.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 77 BCF injection to storage for the week ended June 26th. This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 65 BCF.
The NYMEX trading floor will be closed on Friday, July 3rd in observance of Independence day.
As of 8:20AM EST this morning in Globex, WTI Crude was up 22 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up one cent.
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