Monday, August 5th saw the front-month NYMEX Natural Gas Futures Contract open at $1.904, six cents below Friday’s closing price of $1.967. Ascending to the intraday high of $1.974 at 9:35AM, prices then withdrew as forecasts turned bearish and Hurricane Debby is expected to dampen cooling demand. Marking the intraday low of $1.900 at 11:10AM, the contract traded sideways $1.950 into the afternoon. September closed lower on Monday at $1.942.
The EIA Natural Gas Storage Report published last Thursday showed an 18 BCF injection to storage for the week ended July 26 – below the market estimate 31 BCF. Total working gas in storage was reported as 3,249 BCF; 8.4% above this time last year and 15.7% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 37 cents; Natural Gas was up two cents; Heating Oil was flat; and Gasoline was flat.
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.
