Wednesday, July 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.336, a penny below Tuesday’s closing price of $2.344. Once again recording the intraday high within the opening hour, $2.352 at 9:35AM, prices withdrew through the morning as production remains steady and storage is ample. Posting a modest recovery from the intraday low of $2.292 at 12:25PM, August closed slightly lower on Wednesday at $2.329.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 55 BCF injection to storage for the week ended July 5th. This compares to a 49 BCF injection this time last year and a five-year average injection amount of 57 BCF.
As of 6:50 AM EST this morning in Globex, WTI Crude was up 23 cents; Natural Gas was down slightly; Heating Oil was up one cent; and Gasoline was up 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.
