August NYMEX Natural Gas Futures Contract Closed at $2.827 on Thursday, July 17th

Thursday July 18th saw the front-month NYMEX Natural Gas Futures Contract open at 2.333, three cents above Wednesday’s closing price of $2.304.  Trading within two cents of $2.337 until 10:30AM when the weekly storage publication was released, a brief jump to the intraday high of $2.355 then saw prices retreat to the $2.30 level.  Stabilizing there until 11:00AM, the contract then continued lower until reaching the intraday low of $2.266 at 12:20PM.  Reclaiming a couple cents by the end of the day, August closed lower on Thursday at $2.827.

The EIA Natural Gas Storage Report published on Thursday showed a 62 BCF injection to storage for the week ended July 12th – below the market estimate of 66 BCF.  Total working gas in storage was reported as 2,533 BCF; 13.0% above this time last year and 5.3% below the five-year average.

As of 8:55AM EST this morning in Globex, WTI Crude was down 49 cents; Natural Gas was unchanged; Heating Oil was up three cents; and Gasoline was up two cents. 

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