Monday, July 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.382, seven cents above Friday’s closing price of $2.319. Following last week’s retreat as production remained steady and analysts predicted disruptions to demand following Hurricane Beryl’s expected path through Texas, prices were up early on. This comes on the heels of limited impacts from the storm and persistent cooling in the region. The contract marked an intraday high of $2.385 as markets opened and traded within a tight band near $2.365 throughout the day. August closed higher on Monday at $2.366.
The EIA Natural Gas Storage Report published last Wednesday showed a 32 BCF injection to storage for the week ended June 28 – in line with the market estimate 30 BCF. Total working gas in storage was reported as 3,134 BCF; 9.6% above this time last year and 18.8% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was down two cents; Heating Oil was down two cents; and Gasoline was flat.
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