September NYMEX Natural Gas Futures Contract Closed at $2.777 on Tuesday, August 8th

Tuesday, August 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.753, three cents above Monday’s closing price of $2.725. Falling to the intraday low of $2.719 soon after the opening bell, the contract began a gradual ascent that would span the day. Fueled by production concerns and short-term cooling demand, prices rose to cross midday at $2.762 and ascended to the intraday high of $2.794 at 1:25PM. September closed higher on Tuesday at $2.777.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 30 BCF injection to storage for the week ended August 4. This compares to a 44 BCF injection at this time last year and a five-year average injection amount of 46 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was up 59 cents; Natural Gas was up four cents; Heating Oil was up three cents; and Gasoline was up three 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.
 

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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