Tuesday, August 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.214, nearly three cents above Monday’s closing price of $2.189. Ascending to record the intraday high of $2.239 at 9:30AM, a historically low forecast storage injection battled against bearish pressure from another potential storm in the Atlantic and comfortable temperatures in the Northeast. Trading along $2.145 into the afternoon, marking the intraday low of $2.134 ahead 2:30PM, September snapped a five-day winning streak to close lower on Tuesday at $2.148.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a one BCF injection to storage for the week ended August 9th. This compares to a 35 BCF injection this time last year and a five-year average injection amount of 43 BCF.
As of 8:20AM EST this morning in Globex, WTI Crude was down two cents; Natural Gas was up two cents; Heating Oil was flat; 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.
