Thursday, July 7th saw the August NYMEX Natural Gas Futures Contract open at $5.766, nearly twenty-six cents above Wednesday’s closing price of $5.510. Trading along either side of $5.80 heading into the weekly storage publication, marking the intraday low of $5.728 at 10:20AM, prices then rocketed higher as the bullish report hit the wire. Feeding into continued supply fears, the report sent the contract to an intraday high of $6.831 at 1:00PM. August closed higher on Thursday at $6.297.
The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF injection to storage for the week ended July 1 – below the market estimate of 75 BCF. Total working gas in storage was reported as 2,311 BCF; 10.1% below this time last year and 12.2% below the five-year average.
As of 7:40AM EST this morning in Globex, WTI Crude was down 24 cents; Natural Gas was down seven cents; Heating Oil was down ten cents; and Gasoline was down four cents.
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