Monday, August 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.168, nearly five cents above Friday’s closing price of $2.123. Ascending from the intraday low as markets opened, prices rose to trade along $2.235 by 9:45AM as weather forecasts posted a bullish shift. Reaching the intraday high of $2.245 by 10:35AM, the contract traded largely sideways for the balance of the day. September closed higher on Monday at $2.235.
The EIA Natural Gas Storage Report published last Thursday showed a 6 BCF withdrawal from storage for the week ended August 9 – below the market estimate of a 1 BCF injection. Total working gas in storage was reported as 3,264 BCF; 6.8% above this time last year and 13.0% above the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was up 12 cents; Natural Gas was down two cents; 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.
