Wednesday, July 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.265, more than three cents below Tuesday’s closing price of $2.300. Tallying an intraday high of $2.271 within minutes of opening, the contract slid decidedly lower through the morning until finding support near $2.215. Lacking fundamental support, prices fell to an intraday low of $2.212 before closing lower on Wednesday at $2.220.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 38 BCF injection to storage for the week ended July 19th. This compares to a 24 BCF injection at this time last year and a five-year average injection amount of 44 BCF.
As of 8:45AM EST this morning in Globex, WTI Crude was up 96 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up three cents.
Natural Gas Glossary
Natural Gas Supplier
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.
