Thursday, July 19th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.713, a penny below Wednesday’s closing price of $2.721. Tumbling to a near two-month intraday low of $2.704 by 9:40AM, the contract rose to the $2.72 level as the weekly storage publication drew near. Surging higher to reach above $2.765 as the bullish report hit the wire, traders sustained this momentum through the balance of the day. Extending to the intraday high of $2.776 at 2:20PM, August closed lower on Thursday at $2.769.
The EIA Natural Gas Storage Report published on Thursday showed a 46 BCF injection to storage for the week ended July 13th – below the market estimate of 56 BCF. Total working gas in storage was reported as 2,249 BCF; 24.2% below this time last year and 19.3% below the five-year average.
This morning in Globex, WTI Crude was up 25 cents; Natural Gas was unchanged; Heating Oil was up one cent; and, Gasoline was up two cents.
Natural Gas Glossary
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.
