Thursday, July 21st saw the August NYMEX Natural Gas Futures Contract open at $7.842, sixteen cents below Wednesday’s closing price of $8.007. Seeking direction along either side of $7.760 through the day’s opening ninety minutes, marking an intraday low of $7.671 at 9:50AM, prices surged higher as the weekly storage report hit the wire. The contract rose to a five-week intraday high of $8.176 in the minutes following the bullish publication. Posting a staggered descent into afternoon, August closed higher on Thursday at $7.932.
The EIA Natural Gas Storage Report published on Thursday showed a 32 BCF injection to storage for the week ended July 15 – below the market estimate of 39 BCF. Total working gas in storage was reported as 2,401 BCF; 10.1% below this time last year and 12.0% below the five-year average.
As of 8:20AM EST this morning in Globex, WTI Crude was down 81 cents ; Natural Gas was up 14 cents; Heating Oil was down slightly; and Gasoline was down one cent.
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