Friday, July 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.281, a penny above Thursday’s closing price of $2.268. Recording the intraday low of $2.262 at 9:15AM, the contract then trended higher as analysts pointed to position squaring ahead of the weekend. Posting an unsteady ascent throughout the session, prices rose to the intraday high of $2.350 at 1:55PM. August closed higher on Friday at $2.329.
The EIA Natural Gas Storage Report published last Thursday showed a 65 BCF injection to storage for the week ended July 5 – above the market estimate 55 BCF. Total working gas in storage was reported as 3,199 BCF; 9.7% above this time last year and 18.7% above the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was up nine cents; Natural Gas was down six cents; 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.
