Wednesday, August 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.513, five cents below Tuesday’s closing price of $2.560. Recording the intraday high of $2.520 within minutes of the opening bell, bearish pressure due to moderating forecasts drove prices lower throughout the session. Crossing midday at $2.473 and marking the intraday low of $2.457 at 12:55PM, September closed lower on Wednesday at $2.477.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 15 BCF injection to storage for the week ended July 28. This compares to a 41 BCF injection at this time last year and a five-year average injection amount of 37 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 11 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down four cents.
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.