Wednesday, July 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.096, three cents below Tuesday’s closing price of $2.126. Recording the intraday high of $2.099 mere minutes after the opening bell, a bearish revision cooling demand for August then directed prices lower. Trading near $2.040 through 11:00AM, a short-lived rally in the early afternoon ultimately gave way to additional selling. Marking the intraday low of $2.023 at 2:20PM, September closed lower on Wednesday at $2.036.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 31 BCF injection to storage for the week ended July 26th. This compares to a 14 BCF injection this time last year and a five-year average injection amount of 33 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up 70 cents; Natural Gas was up one cent; Heating Oil was up two cents; 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.
