Tuesday, July 5th saw the August NYMEX Natural Gas Futures Contract open at $5.449, twenty-eight cents below Friday’s closing price of $5.730. Prices rose quickly, finding the intraday high of $5.740 at 9:40AM. Prices had a consistent downward trend through the late morning and early afternoon, before settling on an intraday low of $5.390 at 1:30PM. Prices rebounded a bit in the last hour of trading, closing out the day $5.523.
The EIA Natural Gas Storage Report published on Thursday showed an 82 BCF injection to storage for the week ended June 24 – in line with the market estimate of 75 BCF. Total working gas in storage was reported as 2,251 BCF; 11.6% below this time last year and 12.5% below the five-year average.
As of 9:40AM EST this morning in Globex, WTI Crude was down $1.30; Natural Gas was up 8 cents; Heating Oil was down 7 cents; and Gasoline was down 1 cent.
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