Friday, August 5th saw the September NYMEX Natural Gas Futures Contract open at $7.964, sixteen cents below Thursday’s closing price $8.122. Marking the intraday low of $7.934 out of the gate, prices rose modestly throughout the morning to tallying the intraday high of $8.248 at 11:00AM. As the latest short-term forecasts have predicted a drop in cooling demand by mid-month, September closed lower on Friday at $8.064; down 2% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 41 BCF injection to storage for the week ended July 29 – in line with the market estimate of 36 BCF. Total working gas in storage was reported as 2,457 BCF; 9.8% below this time last year and 12.1% below the five-year average.
As of 7:40AM EST this morning in Globex, WTI Crude was $1.27; Natural Gas was down 29 cents; Heating Oil was down six cents; and Gasoline was up slightly.
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