Tuesday, August 6th saw the front-month NYMEX Natural Gas Futures Contract open at $1.969, three cents above Monday’s closing price of $1.942. Seeking direction throughout the morning, reaching an intraday low of $1.960 at 10:15AM and a high of $2.033 at 10:55AM, analysts pointed to technical trading and changing forecasts related to the former Hurricane Debby. Trading within a narrow scope near $2.015 through the afternoon, September closed higher on Tuesday at $2.010.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 30 BCF injection to storage for the week ended August 2nd. This compares to a 29 BCF injection this time last year and a five-year average injection amount of 38 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was up $1.71; Natural Gas was up eight cents; Heating Oil was up four 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.
