Friday, July 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $3.997, just below Thursday’s closing price of $4.003. Falling to an intraday low of $3.976 by 9:15AM, the contract continued its rally to find a new multi-year high. Crossing midday at $4.054 and tallying a fresh intraday high of $4.071 at 2:20PM, the highest intraday mark since December 2018, sustained heat and tight supply continue to elevate the contract. August closed higher on Friday at $4.060, 10% higher week over week.
The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF injection to storage for the week ended July 16th – above the market estimate of 30 BCF. Total working gas in storage was reported as 2,678 BCF; 16.6% below this time last year and 6.2% below the five-year average.
As of 6:45AM EST this morning in Globex, WTI Crude was down 47 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was down two cents.
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