Friday, July 10th saw the front-month NYMEX Natural Gas contract open at $2.963, $0.049 below Thursday’s closing price of $3.012. Recording the intraday high of $2.969 ahead of 9:05AM, the contract continued the previous day’s trend as LNG maintenance curbed demand, renewables remained steady, and supply remained ample. Touching down to a fresh six-week intraday low of $2.891 by 10:25AM, prices recovered cautiously into the afternoon as August closed lower on Friday at $2.940; down 8% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 61 BCF injection to storage for the week ended July 3 – in line with the market estimate of 57 BCF. Working gas in storage was reported as 2,982 BCF; 0.5% below this time last year and 6.6% above the five-year average.
In Globex, as of 7:30AM this morning, WTI Crude was up $2.390; Natural Gas was down $0.048; Heating Oil was up $0.120; and Gasoline was up $0.066.
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