Friday, August 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.983, two cents above Thursday’s closing price of $1.968. Making gains in the session’s opening hour to mark an intraday high of $2.023 at 9:55AM, the contract then posted a steady decline, despite forecasts for elevated cooling demand in much of the country. Declining through midday, prices fell to an intraday low of $1.920 at 1:05PM. September closed lower on Friday at $1.967.
The EIA Natural Gas Storage Report published last Thursday showed an 18 BCF injection to storage for the week ended July 26 – below the market estimate 31 BCF. Total working gas in storage was reported as 3,249 BCF; 8.4% above this time last year and 15.7% above the five-year average.
As of 6:15AM EST this morning in Globex, WTI Crude was down $1.59; Natural Gas was down five cents; Heating Oil was down four cents; and Gasoline was down five cents.
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