Friday, July 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.655, six cents above Thursday’s closing price of $2.595. Ascending to reach the intraday high of $2.685 by 9:15AM, the contract then pulled back to continue the previous day’s sell-off. Despite forecasts for increased cooling demand and Thursday’s bullish storage injection, prices fell to an intraday low of $2.595 at 11:30AM. Trading sideways into
the afternoon, September closed lower on Friday at $2.638.
The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended July 21 – above with the market estimate of 8 BCF. Total working gas in storage was reported as 2,987 BCF; 23.7% above this time last year and 13.1% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was up four cents; Heating Oil was up slightly; and Gasoline was down 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.
