August 7, 2023
Friday, August 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.549, nearly two cents below Thursday’s closing price of $2.565. Updated bullish weather forecasts provided support early on as prices spiked to the intraday high of $2.619 by 9:05AM. Slipping gradually lower through the session to cross midday at $2.580, the contract fell to the intraday low of $2.557 at 2:00PM. September closed higher on Friday at $2.577.
The EIA Natural Gas Storage Report published on Thursday showed a 14 BCF injection to storage for the week ended July 28 – in line with the market estimate of 15 BCF. Total working gas in storage was reported as 3,001 BCF; 22.4% above this time last year and 12.0% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was down 77 cents; Natural Gas was up five cents; Heating Oil was down two cents; and Gasoline was up one cent.
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