Monday, August 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.226, eight cents above Friday’s closing price of $2.143. Attempting to continue last week’s rally, the contract recorded the intraday high of $2.229 within minutes of 9:00AM, though prices soon trended lower into the morning. Marking the intraday low of $2.155 at midday, prices traded along $2.185 to close-out the day as September finished higher on Monday at $2.189.
The EIA Natural Gas Storage Report published last Thursday showed a 21 BCF injection to storage for the week ended August 2 – below the market estimate 30 BCF. Total working gas in storage was reported as 3,270 BCF; 8.2% above this time last year and 14.9% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was down 21 cents; Natural Gas was flat; Heating Oil was flat; and Gasoline was down 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.
