Friday, August 6th saw the front-month NYMEX Natural Gas Futures Contract open at $4.118, two cents below Thursday’s closing price of $4.140. Tallying an intraday low of $4.098 by 9:10AM, prices soon found support as they ascended to the intraday high of $4.191 by 10:40AM. Trading along either side of $4.160 heading into the afternoon, the impending heatwave has kept the contract elevated as of late. September closed flat on Friday at $4.140, up nearly 6% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 13 BCF injection to storage for the week ended July 30th – below the market estimate of 27 BCF. Total working gas in storage was reported as 2,727 BCF; 16.6% below this time last year and 6.4% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down $2.86; Natural Gas was up one cent; Heating Oil was down seven cents; and Gasoline was down seven cents.
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