Thursday, August 14th saw the front-month NYMEX Natural Gas contract open at $2.797, $0.031 below Wednesday’s closing price of $2.828. Reclaiming territory that was lost overnight, prices were trading near $2.835 leading up to the weekly storage publication. Largely falling in line with expectations, the contract briefly fell to the intraday low of $2.780 before recovering to tally the intraday high of $2.848 at 11:25AM. Trading sideways near $2.840 into the afternoon as fundamentals remained unchanged day-to-day, September closed higher on Thursday at $2.841.
The EIA Natural Gas Storage Report published on Thursday posted a 56 BCF injection to storage for the week ended August 8 – in line with the market estimate of a 60 BCF injection. Total working gas in storage was reported as 3,186 BCF; 2.4% below this time last year and 6.6% above the five-year average.
As of 7:35AM this morning in Globex, WTI Crude was down $0.480; Natural Gas was up $0.042; Heating Oil was down $0.006; and Gasoline was down $0.012.
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