Thursday, July 12th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.815, more than a penny below Wednesday’s closing price of $2.829. Posting an uncertain ascent to the intraday high of $2.826 ahead of the weekly EIA storage report at 10:30AM, prices then tumbled lower as traders reacted to the below-average injection. Reaching the intraday low of $2.789 at midday, a subdued bout of buying in the afternoon ultimately saw August close lower on Thursday at $2.797.
The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF injection to storage for the week ended July 6th – in line with the market estimate of 52 BCF. Total working gas in storage was reported as 2,203 BCF; 24.8% below this time last year and 19.1% below the five-year average.
This morning in Globex, WTI Crude was up 29 cents; Natural Gas was down one cent; Heating Oil was unchanged; and, Gasoline was up one cent.
Natural Gas Glossary
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