Friday, July 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.076, five cents below Thursday’s closing price of $2.125. Recording the intraday high of $2.064 within minutes of the open, the contract traded along the $2.090 level throughout the morning. Balancing markets factors of waning short-term cooling demand and the global Crowdstrike IT outage, prices moved cautiously higher into the afternoon to record the intraday high of $2.143 ahead of 2:30PM. August closed nearly flat on Friday at $2.128.
The EIA Natural Gas Storage Report published last Thursday showed a 10 BCF injection to storage for the week ended July 12 – below the market estimate 20 BCF. Total working gas in storage was reported as 3,209 BCF; 8.4% above this time last year and 16.9% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was up six cents; Heating Oil was flat; and Gasoline was down one cent.
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