Thursday, July 9th saw the front-month NYMEX Natural Gas Futures Contract open at $1.876, five cents above Wednesday’s closing price of $1.824. Tallying an intraday high of $1.883 within minutes of the opening bell, prices traded sideways near $1.875 through 10:30AM. Plummeting lower in the hour following the release of the weekly storage publication, the contract found support near $1.800. Falling to an intraday low of $1.774 ahead of closing, August closed lower on Thursday at $1.779.
The EIA Natural Gas Storage Report published on Thursday showed a 56 BCF injection to storage for the week ended July 3rd – in line with the market estimate of 57. Total working gas in storage was reported as 3,133 BCF: 28.0% above this time last year and 16.9% above the five-year average.
As of 8:10AM EST this morning in Globex, WTI Crude was down 69 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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