Thursday, August 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.436, slightly above Tuesday’s closing price of $2.497. Marking the intraday low of $2.425 soon after 9:00AM, the contract traded sideways along $2.445 as the weekly storage publication drew near. Spiking to $2.555 as the bullish report hit the wire, traders were able to maintain this rally for the balance of the day, hinting that the contract was possibly oversold. Reaching the intraday high of $2.565 at 12:15PM, September closed higher on Thursday at $2.519.
The EIA Natural Gas Storage Report published on Thursday showed an 18 BCF injection to storage for the week ended August 18 – below with the market estimate of 27 BCF. Total working gas in storage was reported as 3,083 BCF; 20.0% above this time last year and 9.5% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.03; Natural Gas was down slightly; Heating Oil was up four cents; 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.
