Friday, July 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.379, four cents below Wednesday’s closing price of $2.418. Ascending to the intraday high of $2.405 at 9:35AM, prices then trended lower as bearish sentiment took hold. Posting a gradual decline to cross midday at $2.348, the contract recorded a two-month intraday low of $2.316 ahead of 2:30PM. August closed lower on Friday at $2.319.
The EIA Natural Gas Storage Report published last Wednesday showed a 32 BCF injection to storage for the week ended June 28 – in line with the market estimate 30 BCF. Total working gas in storage was reported as 3,134 BCF; 9.6% above this time last year and 18.8% above the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was down 52 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down one cent.
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.
