Thursday, August 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.317, eight cents above Wednesday’s closing price of $2.233. Marking an intraday high of $2.318 out of the gate, prices fluctuated along either side of $2.300 leading up to the 10:30AM storage report. Plummeting to $2.245 upon the bearish report’s release, the contract stabilized along this mark until sinking further at 11:30AM. Finding support near $2.210, the larger than expected injection proved enough to put an end to the short-lived rally, as September fell to an intraday low of $2.192 before closing lower on Thursday at $2.202.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended July 26th – above the market estimate of 55 BCF. Total working gas in storage was reported as 2,634 BCF; 14.5% above this time last year and 4.5% below the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was up $1.23; Natural Gas was down eight cents; Heating Oil was up four cents; and Gasoline was up four cents.
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