August NYMEX Natural Gas Futures Contract Closed at $1.734 on Thursday, July 2nd

Thursday, July 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.694, two cents above Wednesday’s closing price of $1.671.  Edging higher to reach toward the $1.700 level through the session’s opening ninety minutes, prices jumped as high as $1.734 as the bullish storage report hit the wire.  Trading along either side of $1.720 heading into the afternoon, the contract rose to an intraday high of $1.738 just after 2:00PM.  The August contract closed higher on Thursday at $1.734.

The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended June 26th – below the market estimate of 77. Total working gas in storage was reported as 3,077 BCF: 30.1% above this time last year and 17.8% above the five-year average.

As of 7:45AM EST this morning in Globex, WTI Crude was down 11 cents; Natural Gas was up 11 cents; Heating Oil was up two cents; and Gasoline was down one cent.

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