Wednesday, July 15th saw the front-month NYMEX Natural Gas Futures Contract open at $1.755, a penny above Tuesday’s closing price of $1.746. Ascending to $1.773 out of the gate, bearish pressure has kept a lid on any extended rallies as of late. Falling to an intraday low of $1.740 at 10:20AM, summer demand has proven insufficient given the current storage glut and COVID-19 related demand destruction. Climbing to an intraday high of $1.784 at 1:40PM, August closed higher on Wednesday at $1.778.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 45 BCF injection to storage for the week ended July 10th. This compares to a 62 BCF injection at this time last year and a five-year average injection amount of 63 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was was down 41 cents; Natural Gas was up two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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