Thursday, July 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.240, two cents above Wednesday’s closing price of $2.220. Rising to an intraday high of $2.261 by 9:50AM, prices stabilized near this mark until the weekly storage report was published forty minutes later. Despite meeting market expectations, the contract fell to seesaw along the $2.235 level. Touching down to the intraday low of $2.224 by 1:10PM, August closed lower higher on Thursday at $2.244.
The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF injection to storage for the week ended July 19th – just below the market estimate of 38 BCF. Total working gas in storage was reported as 2,659 BCF; 13.2% above this time last year and 5.6% below the five-year average.
As of 8:40AM EST this morning in Globex, WTI Crude was up 42 cents; Natural Gas was down four cents; Heating Oil was up slightly; and Gasoline was up slightly.
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.
