Thursday, July 9th saw the front-month NYMEX Natural Gas contract open at $3.196, $0.016 below Wednesday’s closing price of $3.212. Marking the intraday high of $3.202 within minutes of the opening bell, prices withdrew in the subsequent hour as bearish sentiment dominated the market. Pulling back further following the bearish-leaning injection, given the prior week’s heat wave, the contract continued lower into the morning. Falling to a six-week intraday low of $2.991 ahead of 2:00PM, August closed lower Thursday at $3.012.
The EIA Natural Gas Storage Report published on 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 9:00AM this morning, WTI Crude was down $0.130; Natural Gas was down $0.048; Heating Oil was up $0.032; and Gasoline was down $0.048.
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