Tuesday, July 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.017, two cents below Monday’s closing price of $2.036. Slipping to an intraday low of $1.992 at 9:25AM, the contract then posted a steady rally that would persist through midday. Buoyed by updated forecasts calling for healthy cooling demand and steady LNG exports, traders looked past the over supplied market and since prices to an intraday high of $2.135 by 1:30PM. September closed higher for its first day as the prompt month, up $0.09 to finish at $2.126.
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 6:50AM EST this morning in Globex, WTI Crude was not available; Natural Gas was down one cent; Heating Oil was up four cents; and Gasoline was up three 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.
