Tuesday, July 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.713, just above Monday’s closing price of $2.669. Immediately after open, August prices dropped to an intraday low of 2.676 at 9:10AM. The dip was somewhat short-lived, however, as August prices ran up to their intraday just over an hour later at 10:30AM, reaching heights of $2.748. Prices held steady throughout much of the rest of the day, trading slightly under the intraday high before closing out the day at $2.731.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 40 BCF injection to storage for the week ended July 14. This compares to a 35 BCF injection at this time last year and a five-year average injection amount of 44 BCF.
As of 10:00AM EST this morning in Globex, WTI Crude was up 1 dollar and 15 cents; Natural Gas was down 8 cents; Heating Oil was down 1 cent; and Gasoline was up 3 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.
