Thursday, August 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.219, even to Wednesday’s closing price of $2.219. Rallying early on, prices rose to the $2.250 level by 10:00AM to continue the latest rally. Jumping to the intraday high of $2.301 as the bullish report hit the wire, the contract maintained this momentum through midday. Pulling back throughout the afternoon hours amid mixed weather forecasts and profit taking, September marked the intraday low of $2.189 at 2:00PM, ultimately closing slightly lower on Thursday at $2.197.
The EIA Natural Gas Storage Report published last Thursday showed a 6 BCF withdrawal from storage for the week ended August 9 – below the market estimate of a 1 BCF injection. Total working gas in storage was reported as 3,264 BCF; 6.8% above this time last year and 13.0% above the five-year average.
As of 8:20AM EST this morning in Globex, WTI Crude was down $1.97; Natural Gas was down three cents; Heating Oil was down five cents; and Gasoline was down four cents.
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