Thursday, August 3rd, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.837, nearly three cents above Wednesday’s closing price of $2.811. Trading evenly as markets opened, a slow ascent near 9:30AM led prices to the intraday high of $2.846 by 10:10AM. Despite the weekly storage injection falling in line with market expectations, prices quickly retreated to the $2.81 level and reached the intraday low of $2.793 an hour later. Seesawing along $2.805 through the afternoon, September closed lower on Thursday at $2.800.
The EIA Natural Gas Storage Report published on Thursday showed a 20 BCF injection to storage for the week ended July 28th – just above the market estimate of 19 BCF. Total working gas in storage was reported as 3,010 BCF; 8.5% below this time last year and 3.0% above the five-year average.
This morning in Globex, WTI Crude was down 20 cents; Natural Gas was down four cents; Heating Oil was down slightly; and, Gasoline was up slightly. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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