Friday, August 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.182, nearly six cents above Thursday’s closing price of $2.127. Recording the intraday high of $2.187 within minutes of the opening bell, the contract then pulled back to trade along $2.125 by 10:00AM. Fluctuating along this mark into the afternoon, marking the intraday low of $2.104 at 12:25PM, lower production rates and bullish forecasts for the back half of August support a late-day rally. September closed higher on Friday at $2.143; up 8.9% on the week.
The EIA Natural Gas Storage Report published last Thursday showed a 21 BCF injection to storage for the week ended August 2 – below the market estimate 30 BCF. Total working gas in storage was reported as 3,270 BCF; 8.2% above this time last year and 14.9% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was up 95 cents; Natural Gas was up ten cents; Heating Oil was up three cents; and Gasoline was up three.
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