Friday, July 9th saw the front-month NYMEX Natural Gas Futures Contract open at $3.720, three cents above Thursday’s closing price of $3.687. Marking an intraday high of $3.730 early on, the contract traded within a tight band near $3.700 throughout the day. Moving gradually lower until marking an intraday low of $3.671 at 2:20PM, expected heat in the coming weeks provided support. August closed lower on Friday at $3.674.
The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended July 2nd – well below the market estimate of 57 BCF. Total working gas in storage was reported as 2,574 BCF; 17.6% below this time last year and 6.9% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down $1.23; Natural Gas was down four cents; Heating Oil was down four cents; and Gasoline was down three cents.
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