Monday, July 27th, settlement day for the August contract, saw the front-month open at $2.038, three cents above Friday’s closing price of $2.006. Facing bearish pressure from steady production and increased LNG nominations, prices fell sharply throughout the session to tally a three-month intraday low of $1.856 at 2:25PM. August settled lower on Monday at $1.907
The more actively traded September contract opened nearly three cents higher Monday morning at $2.077. Recording the intraday high of $2.092 within minutes of the open, price withdrew near midday only to rally into the afternoon. September closed lower on Monday at $2.036.
The EIA Natural Gas Storage Report published last Thursday showed a 22 BCF injection to storage for the week ended July 19 – above the market estimate 14 BCF. Total working gas in storage was reported as 3,232 BCF; 8.4% above this time last year and 16.4% above the five-year average.
As of 7:55AM EST this morning in Globex, WTI Crude was down 54 cents; Natural Gas was down two 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.
