Friday, August 19th saw the September NYMEX Natural Gas Futures Contract open at $8.973, twenty-one cents below Monday’s closing price $9.188. Marking the intraday low of $8.935 within minutes of the open, prices rose steadily as production concerns continue, only now the threat of hurricane season looms closer. Following Thursday’s failed attempt to surpass the 13-year high of $9.664 after a bullish storage report, the contract rose to an intraday high of $9.395 at 1:10PM. September closed higher on Friday at $9.336.
The EIA Natural Gas Storage Report published on Thursday showed an 18 BCF injection to storage for the week ended August 12 – below the market estimate of 29 BCF. Total working gas in storage was reported as 2,519 BCF; 10.5% below this time last year and 12.7% below the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was up 45 cents; Natural Gas was up 43 cents; Heating Oil was up six cents; and Gasoline was down one cent.
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