Thursday, July 29th saw the front-month NYMEX Natural Gas Futures Contract open at $3.970, just above Wednesday’s closing price of $3.967. Marking the intraday low of $3.969 early on, prices hovered near $3.985 heading into the weekly storage release. Surging higher as the weekly publication hit the wire, the contract peaked at an intraday high of $4.097 at 12:30PM. Lingering heat and tight storage continue to provide support as September closed higher on Thursday at $4.059.
The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF injection to storage for the week ended July 23rd – below the market estimate of 47 BCF. Total working gas in storage was reported as 2,714 BCF; 16.2% below this time last year and 5.8% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was down seven cents; Heating Oil was down one cent; and Gasoline was down one cent
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.
