Thursday, August 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.529, five cents above Wednesday’s closing price of $2.477. Picking up ground overnight as traders squared their positions ahead of the weekly storage publication, prices fluctuated along the $2.540 in the hour leading up to the report; marking the intraday low of $2.517 at 9:55AM. Jumping to $2.580 as the report hit the wire, as it landed on the bullish side of expectations, the contract pulled back quickly. Forging higher in the coming hours to reach the intraday high of $2.586 at 1:30PM, September closed higher on Thursday at $2.565
The EIA Natural Gas Storage Report published on Thursday showed a 14 BCF injection to storage for the week ended July 28 – in line with the market estimate of 15 BCF. Total working gas in storage was reported as 3,001 BCF; 22.4% above this time last year and 12.0% above the five-year average.
As of 8:05 AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up five cents.
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