Friday, July 8th saw the August NYMEX Natural Gas Futures Contract open at $6.271, nearly three cents below Thursday’s closing price of $6.297. Fluctuating within a fifteen-cent range during the session’s opening hour, prices peaked at an intraday high of $6.304 at 9:30AM. Losing ground to trade along the $6.14 level soon thereafter, and well into the afternoon, markets found balance after the previous session’s meteoric rally. August closed lower on Friday at $6.034.
The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF injection to storage for the week ended July 1 – below the market estimate of 75 BCF. Total working gas in storage was reported as 2,311 BCF; 10.1% below this time last year and 12.2% below the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was down $2.15; Natural Gas was up 27 cents; Heating Oil was up seven cents; and Gasoline was down two cents.
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