Wednesday, July 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.174, a penny below Tuesday’s closing price of $2.188. Recording the intraday high as markets opened, prices then moved notably lower as short-term forecasts for much of the country are calling for reduced cooling demand. Trading along $2.075 by 10:00AM, the contract trended lower into the afternoon, to record a two-month intraday low of $2.015 at 2:15PM. August closed lower on Wednesday at $2.035.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 20 BCF injection to storage for the week ended July 12th. This compares to a 41 BCF injection this time last year and a five-year average injection amount of 49 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down seven cents; Natural Gas was down one cent; Heating Oil was flat; and Gasoline was flat.
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.
