Wednesday, July 26th saw the front-month NYMEX Natural Gas Futures Contract open at $2.698, three cents below Tuesday’s closing price of $2.730. Recording the intraday high as markets opened, prices pulled back until it reached an intraday low of $2.625 shortly after 10:30AM. Likely squaring their positions ahead of Thursday’s settlement, the contract traded within a few cents of $2.650 through the afternoon hours. August closed lower on Wednesday at $2.665.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 8 BCF injection to storage for the week ended July 21. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 31 BCF.
As of 7:35AM EST this morning in Globex, WTI Crude was up 71 cents; Natural Gas was down two cents; Heating Oil was up one cent; and Gasoline was up 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.
