Thursday, August 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.108, more than two cents above Wednesday’s closing price of $2.083. Falling to an intraday low of $2.095 by 10:00AM, the weekly storage then induced buying thirty minutes later as it came in on the lower end of expectations. Climbing to an intraday high of $2.155 by 11:10AM, the contract stabilized near this mark until 12:30PM, when modest selling took hold. September closed higher on Thursday at $2.128.
The EIA Natural Gas Storage Report published on Thursday showed a 55 BCF injection to storage for the week ended August 2nd – below the market estimate of 61 BCF. Total working gas in storage was reported as 2,689 BCF; 14.6% above this time last year and 4.0% below the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was up 66 cents; Natural Gas was down six cents; Heating Oil was up two cents; and Gasoline was up two cents.
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