Tuesday, August 27th saw the front-month NYMEX Natural Gas Futures Contract open at $1.934, two cents below Monday’s closing price of $1.956. Recording the intraday high of $1.936 within minutes of the opening bell, the contract remained subdued throughout the session amid healthy production and forecasts for comfortable temperatures. Marking the intraday low of $1.875 at 1:35PM, September closed lower on Tuesday at $1.904.
The more actively traded October contract posted a similar trajectory during Tuesday’s session, ultimately closing $0.045 lower at $2.085.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 39 BCF injection to storage for the week ended August 23rd. This compares to a 32 BCF injection this time last year and a five-year average injection amount of 43 BCF.
As of 6:45AM EST this morning in Globex, WTI Crude was down $1.42; Natural Gas was down one cent; Heating Oil was down four cents; and Gasoline was down five 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.
