Thursday, August 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.893, nearly seven cents below Tuesday’s closing price of $2.959. Marking the intraday high of $2.900 early on, the contract sought direction along $2.875 leading up to the weekly storage publication. Forgoing cooling demand and production concerns, prices plummeted as the EIA report hit the wire. Falling to cross midday at $2.787, September tallied an intraday low of $2.747 at 1:30PM and proceeded to close lower on Thursday at $2.763.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF injection to storage for the week ended August 4 – in line with the market estimate of 30 BCF. Total working gas in storage was reported as 3,030 BCF; 21.4% above this time last year and 11.2% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up 41 cents; Natural Gas was up five cents; Heating Oil was up two 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.
