Thursday, July 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.104, a penny below Wednesday’s closing price of $2.117. Despite strong short-term cooling demand drawing near, the contract trended lower throughout the session as the storage leaned bearish and overall storage levels remain healthy. Marking an intraday high of $2.110 ahead of 10:30AM, prices withdrew into the afternoon to record the intraday low of $2.035 at 2:25PM. August closed lower on Thursday at $2.041.
Ready to assume the front-month position next Tuesday, the September contract closed nearly nine cents lower at $2.072
The EIA Natural Gas Storage Report published on 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 6:20AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was flat.
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