Thursday, July 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.694, two cents above Wednesday’s closing price of $1.671. Edging higher to reach toward the $1.700 level through the session’s opening ninety minutes, prices jumped as high as $1.734 as the bullish storage report hit the wire. Trading along either side of $1.720 heading into the afternoon, the contract rose to an intraday high of $1.738 just after 2:00PM. The August contract closed higher on Thursday at $1.734.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended June 26th – below the market estimate of 77. Total working gas in storage was reported as 3,077 BCF: 30.1% above this time last year and 17.8% above the five-year average.
As of 7:45AM EST this morning in Globex, WTI Crude was down 11 cents; Natural Gas was up 11 cents; Heating Oil was up two cents; and Gasoline was down one cent.
Natural Gas Glossary
Natural Gas Supplier
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.
