Friday, July 22nd saw the August NYMEX Natural Gas Futures Contract open at $8.028, nearly ten cents above Thursday’s closing price of $7.932. Marking the intraday low of $8.026 within minutes of the opening bell, prices quickly ascended to achieve the intraday high of $8.417 by 9:30AM. The contract traded along either side of $8.300 for the balance of the day as forecasts for elevated cooling demand continue across much of the country. August closer higher on Friday at $8.299.
The EIA Natural Gas Storage Report published on Thursday showed a 32 BCF injection to storage for the week ended July 15 – below the market estimate of 39 BCF. Total working gas in storage was reported as 2,401 BCF; 10.1% below this time last year and 12.0% below the five-year average.
As of 7:50AM EST this morning in Globex, WTI Crude was up $1.05; Natural Gas was up 10 cents; Heating Oil was up three cents; and Gasoline was up four cents.
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