Thursday, June 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.750, just above Wednesday’s closing price of $2.745. Pulling back ahead of the weekly storage report, prices fell to $2.687 only to rally in the minutes after the publication hit the wire. Ascending to the intraday high of $2.763 by 10:45AM, the contract withdrew throughout the afternoon due to multiple technical factors, leaving August somewhat directionless. Marking the intraday low of $2.682 ahead of closing, August finished lower on Thursday at $2.685.
The EIA Natural Gas Storage Report published last Friday showed a 52 BCF injection to storage for the week ended June 21 – in line with the market estimate 55 BCF. Total working gas in storage was reported as 3,097 BCF; 11.3% above this time last year and 20.6% above the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was up 43 cents; Natural Gas was up seven cents; Heating Oil was up one cent; and Gasoline was up one cent.
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