Wednesday, August 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.099, nine cents above Tuesday’s closing price of $2.010. Recording the intraday low of $2.059 multiple times leading up to 10:30AM, the contract then continued its pre-market opening ascent as prices had drifted into oversold territory in the last week. Ascending to the intraday high of $2.120 ahead of 2:30PM, September closed higher on Wednesday at $2.112.
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 7:10AM EST this morning in Globex, WTI Crude was up seven cents; Natural Gas was down three cents; Heating Oil was down one cent; 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.
