Thursday, July 26th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.780, slightly above Wednesday’s closing price of $2.775. The contract slipped to the intraday low of $2.769 within the first thirty minutes of trading. Prices swelled to the intraday high of $2.795 as soon as the weekly storage publication hit the wire. A gradual decline characterized the remainder of the day as August proceeded to close marginally higher on Thursday at $2.780.
The EIA Natural Gas Storage Report published on Thursday showed a 24 BCF injection to storage for the week ended July 20th – just below the market estimate of 25 BCF. Total working gas in storage was reported as 2,273 BCF; 23.7% below this time last year and 19.7% below the five-year average.
This morning in Globex, WTI Crude was down 16 cents; Natural Gas was up two cents; Heating Oil was down slightly; and, Gasoline was up one cent.
New York and New England basis values were unchanged for all seasons. Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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