Thursday, August 2nd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.758, even to Wednesday’s closing price. Seesawing along $2.765 through the day’s opening ninety minutes, the contract then surged higher as the less than estimated inventory report was released. Ascending to the $2.82 level by 11:00AM, prices fluctuated within a penny of this mark as the afternoon drew on. Tagging the intraday high of $2.828 ahead of closing, September finished higher on Thursday at $2.816.
The EIA Natural Gas Storage Report published on Thursday showed a 35 BCF injection to storage for the week ended July 27th – below the market estimate of 42 BCF. Total working gas in storage was reported as 2,308 BCF; 23.0% below this time last year and 19.7% below the five-year average.
This morning in Globex, WTI Crude was down 11 cents; Natural Gas was up three cents; Heating Oil was down slightly; and, Gasoline was up one cent.
Natural Gas Glossary
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