Thursday, June 26th saw the front-month NYMEX Natural Gas contract open at $3.371, $0.035 below Wednesday’s closing price of $3.406. Trending lower throughout the session, July settled lower on Thursday at $3.261.
Ready to assume the prompt month position today, the August contract opened at $3.566, down $0.003 overnight. Arcing lower to trade along $3.525 leading up to the weekly storage publication, the reported bearish injection then sent prices to an intraday low of $3.403. Recovering to cross midday at $3.440, the contract reclaimed opening price territory late in the day as August closed lower on Thursday at $3.526.
The EIA Natural Gas Storage Report published on Thursday posted a 95 BCF injection to storage for the week ended June 20 – above the market estimate of a 86 BCF injection. Total working gas in storage was reported as 2,898 BCF; 6.3% below this time last year and 6.6% above the five-year average.
As of 8:50AM this morning in Globex, WTI Crude was up $0.290; Natural Gas was up $0.073; Heating Oil was down $0.005; and Gasoline was down $0.018.
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