Wednesday, July 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.838, four cents below Tuesday’s closing price of $1.876. Ascending to an intraday high of $1.859 three times throughout the day’s session, the last time at 1:40PM, the contract fell to an intraday low of $1.817 ahead of 2:30PM. Using $1.845 as a baseline for the majority of the day, prices finished ultimately lower as traders square their positions ahead of today’s storage report. The August contract closed lower on Wednesday at $1.824.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 57 BCF injection to storage for the week ended July 3rd. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 68 BCF.
As of 8:00AM EST this morning in Globex, WTI Crude was down five cents; Natural Gas was up five cents; Heating Oil was up one cent; and Gasoline was unchanged.
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.
