Monday, July 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.533, just above Friday’s closing price of $2.539. Giving back any gains made before the open, prices sank to an intraday low of $2.484 at 9:45AM. Battling back despite calls for reduced heating demand in the short-term, prices rallied to the intraday high of $2.556 by 11:30AM. Straddling the $2.520 level into the afternoon, August closed lower on Monday at $2.512.
The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF injection to storage for the week ended July 7 – above the market estimate of 40 BCF. Total working gas in storage was reported as 2,877 BCF; 24.1% above this time last year and 14.2% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was up seven cents; Heating Oil was up two cents; and Gasoline was up two 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.
