Wednesday, July 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.124, six cents below Tuesday’s closing price of $2.187. Subdued by steady production and storage levels holding steady above historic averages, prices move cautiously higher through the morning before continuing lower once again. Marking the intraday high of $2.168 at 11:40AM and the intraday low of $2.111 ahead of 2:30PM, August closed lower Wednesday at $2.117.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 14 BCF injection to storage for the week ended July 19th. This compares to a 16 BCF injection this time last year and a five-year average injection amount of 31 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down $1.23; Natural Gas was flat; Heating Oil was down four cents; and Gasoline was down four cents.
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.
