Thursday, July 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.290, four cents below Wednesday’s closing price of $2.329. Recording the intraday high of $2.303 at 9:50AM, prices dipped to the intraday low of $2.261 at 10:30AM as the weekly storage publication landed on the bearish side of expectations. Recovering to $2.290 soon thereafter, the contract traded sideways near $2.270 throughout the afternoon as the Freeport LNG terminal remains offline. August closed lower on Thursday at $2.268.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended July 5 – above the market estimate 55 BCF. Total working gas in storage was reported as 3,199 BCF; 9.7% above this time last year and 18.7% above the five-year average.
As of 6:40 AM EST this morning in Globex, WTI Crude was up 80 cents; Natural Gas was flat; Heating Oil was up two cents; and Gasoline was up one cent.
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