July 9, 2021
Thursday, July 8
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.593, just below Wednesday’s closing price of $3.596. Ascending to $3.630 ahead of the weekly storage publication, prices jumped to $3.670 as the bullish report hit the wire. Continuing higher as momentum was bolstered by above average temperatures in the coming weeks, prices rose to an intraday high of $3.720 at 11:30AM. August closed higher on Thursday at $3.687.
The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended July 2
nd – well below the market estimate of 57 BCF. Total working gas in storage was reported as 2,574 BCF; 17.6% below this time last year and 6.9% below the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was up 68 cents; Natural Gas was unchanged; Heating Oil was up one cent; and Gasoline was up one cent.
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