July 14, 2023
Thursday, July 13
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.639, just below Wednesday’s closing price of $2.632. Trading within a wide range from the opening bell to the time of the weekly storage publication, prices peaked at the intraday high of $2.650 as the report hit the wire. Having a moment to reflect on the 4 BCF revision from the prior week’s report, the contract began a staggered descent. Crossing midday at $2.587 and marking the intraday low of $2.539 ahead of 2:30PM, August closed lower on Thursday at $2.545.
The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF injection to storage for the week ended July 7 – above the market estimate of 40 BCF. Total working gas in storage was reported as 2,877 BCF; 24.1% above this time last year and 14.2% above the five-year average.
As of 7:50AM EST this morning in Globex, WTI Crude was down eight cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was down slightly.
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