Monday, July 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.223, eleven cents below Friday’s closing price of $2.329. Knocked down following Friday’s rally, rising production rates held the contract to an intraday high of $2.245 at 10:50AM. Bearish news out of the LNG Freeport terminal, stating that operations will resume later this week at a limited capacity, directed prices lower later in the day. Recording a four-month intraday low of $2.147 ahead of closing, August finished lower on Monday at $2.158.
The EIA Natural Gas Storage Report published last Thursday showed a 65 BCF injection to storage for the week ended July 5 – above the market estimate 55 BCF. Total working gas in storage was reported as 3,199 BCF; 9.7% above this time last year and 18.7% above the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was down $1.14; Natural Gas was flat; Heating Oil was down four cents; and Gasoline was down three cents.
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