Thursday, July 17th saw the front-month NYMEX Natural Gas contract open at $3.609, $0.058 above Wednesday’s closing price of $3.551. Reaching the intraday high of $3.619 at 9:15AM as short-term weather forecasts remained bearish, prices traded sideways along $3.590 leading up to the weekly storage publication. Trending lower following the storage injection, the contract marked an intraday low of $3.520 at 2:15PM. August closed lower on Thursday at $3.542.
The EIA Natural Gas Storage Report published on Thursday posted a 46 BCF injection to storage for the week ended July 11 – in line with the market estimate of a 42 BCF injection. Total working gas in storage was reported as 3,052 BCF; 4.9% below this time last year and 6.2% above the five-year average.
As of 7:35AM this morning in Globex, WTI Crude was up $0.630; Natural Gas was up $0.016; Heating Oil was up $0.080; and Gasoline was up $0.007.
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