Wednesday, August 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.943, nearly seventeen cents above Tuesday’s closing price of $2.777. Continuing the previous day’s momentum, based on production declines due to maintenance and steady cooling demand, prices ascend to a five-month intraday high of $3.018 at 9:25AM. Seeking direction soon thereafter, prices initially plummeted to the intraday low of $2.912 by 10:05AM only to reverse course and reclaim the $3.00 level by midday. September closed higher on Wednesday at $2.959.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 30 BCF injection to storage for the week ended August 4. This compares to a 44 BCF injection at this time last year and a five-year average injection amount of 46 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was down 45 cents; Natural Gas was unchanged; Heating Oil was down three cents; and Gasoline was down one cent.
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.
