Monday, July 7th saw the front-month NYMEX Natural Gas contract open at $3.349, $0.060 below Thursday’s closing price of $3.409. Recording the intraday of $3.343 within minutes of the opening bell, prices fell over the long weekend as production held steady amidst scorching temperatures. Reclaiming lost ground to cross midday at $3.446, the contract rose to an intraday high of $3.472 at 1:15PM. August closed higher on Monday at $3.412.
The EIA Natural Gas Storage Report published last Thursday posted a 55 BCF injection to storage for the week ended June 27 – above the market estimate of a 46 BCF injection. Total working gas in storage was reported as 2,953 BCF; 5.6% below this time last year and 6.2% above the five-year average.
As of 7:40AM this morning in Globex, WTI Crude was down $0.120; Natural Gas was up $0.036; Heating Oil was down $0.005; and Gasoline was up $0.014.
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