Friday, July 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.577, three cents above Thursday’s closing price of $2.545. Ascending to peak at the intraday high of $2.606 within minutes of the open, prices hovered near $2.580 through 10:00AM. Pulling back over the next ninety minutes to stabilize near $2.510, the contract slipped to the intraday low of $2.492 at 1:20PM. August closed lower on Friday at $2.539.
The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF injection to storage for the week ended July 7 – above the market estimate of 40 BCF. Total working gas in storage was reported as 2,877 BCF; 24.1% above this time last year and 14.2% above the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was down 88 cents; Natural Gas was up one cent; Heating Oil was down three cents; and Gasoline was down three 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.
