August NYMEX Natural Gas Futures Contract Closed at $1.778 on Thursday, July 16th

Thursday, July 16th saw the front-month NYMEX Natural Gas Futures Contract open at $1.795, two cents above Wednesday’s closing price of $1.778.  Extending to an intraday high of $1.808 by 9:15AM, the contract then fell to trade near $1.775 heading into 10:30AM.  Seeking direction as the weekly publication hit the wire prices ultimately trended lower, sinking below $1.720 by midday.  Falling to an intraday low of $1.703 at 2:00PM, August closed lower on Thursday at $1.778.

The EIA Natural Gas Storage Report published on Thursday showed a 45 BCF injection to storage for the week ended July 10th – even with the market estimate of 45. Total working gas in storage was reported as 3,178 BCF: 26.4% above this time last year and 15.9% above the five-year average.

As of 7:35AM EST this morning in Globex, WTI Crude was down 24 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down one cent.

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