Monday, July 14th saw the front-month NYMEX Natural Gas contract open at $3.392, $0.078 above Friday’s closing price of $3.314. Marking the intraday low of $3.388 within minutes of the open, the contract continued its overnight ascent to record the intraday high of $3.498 at 10:25AM. Finding support from update weather bullish forecasts and steady LNG exports, prices crossed midday at $3.455 and ultimately closed higher on the day at $3.466.
The EIA Natural Gas Storage Report published last Thursday posted a 53 BCF injection to storage for the week ended July 4 – below the market estimate of a 59 BCF injection. Total working gas in storage was reported as 3,006 BCF; 5.8% below this time last year and 6.1% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $0.310; Natural Gas was down $0.056; Heating Oil was down $0.013; and Gasoline was down $0.001.
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