Tuesday, July 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.429, six cents above Monday’s closing price of $2.366. Extending to an intraday high of $2.448 by 9:15AM, prices soon pulled back as updated forecasts provided a slightly bearish shift. Providing additional bearish pressure, feed gas volumes at the Freeport LNG terminal remained subdued following Hurricane Beryl. Falling throughout the day to record the intraday low of $2.340 ahead of 2:30PM, August closed lower on Tuesday at $2.344.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 55 BCF injection to storage for the week ended July 5th. This compares to a 49 BCF injection this time last year and a five-year average injection amount of 57 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was down 24 cents; Natural Gas was up four cents; Heating Oil was down two cents; and Gasoline was down 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.
