Tuesday, July 27th saw the front-month NYMEX Natural Gas Futures Contract open at $4.036, seven cents below Monday’s closing price of $4.102. Marking an intraday high of $4.052 within minutes of the opening bell, the contract soon trended lower as reduced cooling demand has entered the forecast for the coming weeks. This pullback should be no surprise following the contracts meteoric rise in the past ten days. Marking an intraday low of $3.967 as 2:20PM, August closed lower on Tuesday at $3.971. The more actively traded September contract finished lower as well, closing fourteen cents lower on the day at $3.942.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 47 BCF injection to storage for the week ended July 23rd. This compares to a 26 BCF injection at this time last year and a five-year average injection amount of 28 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up 26 cents; Natural Gas was down seven cents; Heating Oil was up slightly; and Gasoline was unchanged.
Natural Gas Glossary
Natural Gas Supplier
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.
