August NYMEX Natural Gas Futures Contract Closed at $2.188 on Tuesday, July 16th

Tuesday, July 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.195, four cents above Monday’s closing price of $2.158. Clawing back some of the losses from the previous session’s sell-off, higher-than-expected nominations from the Freeport LNG facility, and possible correction of an oversold market, saw price climb to an intraday high of $2.218 at 10:55AM. Trading within a tight band near $2.190 through the afternoon, August closed higher on Tuesday at $2.188.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 20 BCF injection to storage for the week ended July 12th. This compares to a 41 BCF injection this time last year and a five-year average injection amount of 49 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was up 39 cents; Natural Gas was flat; Heating Oil was down one cent; 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.

                                                                                               

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