Thursday, August 24th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.954, nearly three cents above Wednesday’s closing price of $2.928. Losing two cents initially as markets opened, prices then rose steadily to $2.970 by 10:30AM. Jumping to the intraday high of $2.982 as the weekly storage report was released, the contract soon turned lower as focus shifted to tropical system Harvey in the Gulf of Mexico. Marking the intraday low of $2.932 at 12:30PM, September rose modestly over the subsequent two hours to close higher on Thursday at $2.949.
The EIA Natural Gas Storage Report published on Thursday showed a 43 BCF injection to storage for the week ended August 18th – even with the market estimate. Total working gas in storage was reported as 3,125 BCF; 6.7% below this time last year and 1.5% above the five-year average.
This morning in Globex, WTI Crude was up 21 cents; Natural Gas was down three cents; Heating Oil up two cents; and, Gasoline was up seven cents.
New York and New England basis values were lower for the coming winter months and unchanged for the next summer season. Additionally, cash prices were lower in both regions.
Natural Gas Glossary
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