Wednesday, July 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.437, nearly even to Tuesday’s closing price of $2.435. Recording the intraday low of $2.410 by 9:35AM, prices recovered to mark the intraday high of $2.480 at 10:55AM. Trading at $2.451 as the weekly storage report hit the wire at noon, prices trended lower following an in line storage print, including a bearish revision of 5 BCF for the prior week. August closed lower on Wednesday at $2.418.
The EIA Natural Gas Storage Report published on Wednesday showed a 32 BCF injection to storage for the week ended June 28 – in line with the market estimate 30 BCF. Total working gas in storage was reported as 3,134 BCF; 9.6% above this time last year and 18.8% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was down two cents.
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