August 1, 2023
Monday, July 31
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.612, nearly three cents below Friday’s closing price of $2.638. Falling to the intraday low of $2.605 within minutes of the opening bell, the contract traded sideways along the $2.620 level for the majority of the session as traders weighed continued cooling demand against healthy production levels. Marking an intraday high of $2.642 at 2:00PM, September closed slightly lower on Monday at $2.634.
The EIA Natural Gas Storage Report published on Thursday showed a 16 BCF injection to storage for the week ended July 21 – above with the market estimate of 8 BCF. Total working gas in storage was reported as 2,987 BCF; 23.7% above this time last year and 13.1% above the five-year average.
As of 7:35AM EST this morning in Globex, WTI Crude was down 42 cents; Natural Gas was down one cent; Heating Oil was up five cents; and Gasoline was up one cent.
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