Friday, July 15th saw the August NYMEX Natural Gas Futures Contract open at $6.550, five cents below Thursday’s closing price of $6.600. Marking the intraday low of $6.513 within minutes of the opening bell, prices moved steadily higher through the day as updated forecasts are calling for extended cooling demand well into August in key demand parts of the country. Trading near $6.750 by midday, the contract rose to an intraday high of $7.071 ahead of 2:30PM. August closed higher on Friday at $7.016.
The EIA Natural Gas Storage Report published on Thursday showed a 58 BCF injection to storage for the week ended July 8 – in line with the market estimate of 53 BCF. Total working gas in storage was reported as 2,369 BCF; 9.6% below this time last year and 11.9% below the five-year average.
As of 7:45AM EST this morning in Globex, WTI Crude was up $1.00; Natural Gas was up 17 cents; Heating Oil was down one cent; and Gasoline was up six cents.
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