Monday, July 6th saw the front-month NYMEX Natural Gas contract open at $3.186, $0.010 below Thursday’s closing price of $3.196. Marking the intraday low of $3.182 at 9:30AM, the contract then stepped gradually higher into the morning until reaching the intraday high of $3.254 at 11:35AM. Balancing updated forecasts for late-month cooling demand and waning production, prices traded sideways into the afternoon, August closed higher on Monday at $3.245.
The EIA Natural Gas Storage Report published last Thursday posted an 87 BCF injection to storage for the week ended June 26 – in line with the market estimate of 82 BCF. Working gas in storage was reported as 2,922 BCF; 0.8% below this time last year and 6.4% above the five-year average.
In Globex, as of 8:15AM this morning, WTI Crude was up $0.490; Natural Gas was down $0.029; Heating Oil was down $0.039; and Gasoline was down $0.047.
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