Wednesday, August 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.201, five cents above Tuesday’s closing price of $2.148. Trending higher early on, a historically light storage injection added to the bullish sentiment already ingrained in the market, as prices rose to tally the intraday high of $2.276 at 10:45AM. The contract pulled back slightly in the afternoon as September closed higher on Wednesday at $2.219.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a one BCF injection to storage for the week ended August 9th. This compares to a 35 BCF injection this time last year and a five-year average injection amount of 43 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up 66 cents; Natural Gas was up three cents; Heating Oil was up one cent; 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.
