August NYMEX Natural Gas Futures Contract Closed at $2.416 on Thursday, July 11th

Thursday July 11th saw the front-month NYMEX Natural Gas Futures Contract open at 2.459, roughly a penny above Wednesday’s closing price of $2.446.  Trading within a penny of $2.470 until 10:30AM when the weekly storage publication was released, a brief jump to the intraday high of $2.487 then saw prices retreat to $2.465.  Stabilizing along this mark until 12:50PM, the contract plummeted in the following forty minutes to reach an intraday low of $2.393.  August closed lower on Thursday at $2.416.

The EIA Natural Gas Storage Report published on Thursday showed an 81 BCF injection to storage for the week ended July 5th – on par with the market estimate of 80 BCF.  Total working gas in storage was reported as 2,471 BCF; 12.5% above this time last year and 5.4% below the five-year average.

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