On Thursday, June 27th – the August NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.282, slightly above Wednesday’s closing price of $2.268. Slipping to an intraday low of $2.275 by 9:20AM, prices recovered to $2.295 in the hour leading up to the EIA’s storage report. Spiking above $2.330 as publication hit the wire, falling in line with traders’ expectation while coming up short of another triple-digit injection, the contract climbed to an intraday high of $2.339 at 11:30AM. Stabilizing over the balance of the day, August closed higher on Thursday at $2.324.
The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended June 21st – nearly even to the market estimate of 99 BCF. Total working gas in storage was reported as 2,301 BCF; 11.4% above this time last year and 6.9% below the five-year average.
As of 8:55AM EST this morning in Globex, WTI Crude was up 12 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was down one cent.
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