Wednesday, August 3rd saw the September NYMEX Natural Gas Futures Contract open at $7.745, four cents above Tuesday’s closing price $7.706. Trading within a ten-cent range of $7.650 through 1:00PM, marking the intraday low of $7.550 at 11:10AM, the contract mounted a steep ascent to close out the day. News of the Freeport LNG terminal returning to operation in October in a larger role than was previously expected, sent princes urging to the intraday high of $8.480 at 2:00PM. September closed higher on Wednesday at $8.266.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 36 BCF injection to storage for the week ended July 29. This compares to a 13 BCF injection at this time last year and a five-year average injection amount of 33 BCF.
As of 7:50AM EST this morning in Globex, WTI Crude was up 38 cents; Natural Gas was up 13 cents; Heating Oil was up one cent; and Gasoline was down one cent.
Natural Gas Glossary
Natural Gas Supplier
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.
