Friday, July 7th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.945, nearly six cents above Thursday’s closing price of $2.888. Extending to the intraday high of $2.947 by 9:20AM, the contract then tumbled lower to reach $2.925 by 10:00AM. Trading sideways as the bearish storage report was published, prices sank as low as $2.880. Mounting a meek recovery to $2.915 through 11:00AM, August proceeded to tumble lower into the afternoon. Marking the intraday low of $2.847 ahead of 2:30PM, the August contract finished the week lower at $2.864.
The EIA Natural Gas Storage Report published on Thursday showed a 72 BCF injection to storage for the week ended June 30th – below the market estimate of 65 BCF. Total working gas in storage was reported as 2,888 BCF; 9.0% below this time last year and 6.9% above the five-year average.
This morning in Globex, WTI Crude was down 37 cents; Natural Gas was up six cents; Heating Oil was down one cent; and, Gasoline was down two cents.
Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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