Thursday, July 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.700, ten cents above Wednesday’s closing price of $2.603. Tallying the intraday low of $2.699 within minutes of the open, the contract continued its pre-session momentum to trade near $2.740 ahead of the weekly storage publication. Pushing higher as the report fell on the bullish side of expectations, prices peaked at the intraday high of $2.789 at 1:00PM. August closed higher on Thursday at $2.757.
The EIA Natural Gas Storage Report published on Thursday showed a 41 BCF injection to storage for the week ended July 14 – in line with the market estimate of 45 BCF. Total working gas in storage was reported as 2,971 BCF; 24.0% above this time last year and 13.8% above the five-year average.
As of 7:45AM EST this morning in Globex, WTI Crude was up 87 cents; Natural Gas was two cents; Heating Oil was up four cents; and Gasoline was up three cents.
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