July 25, 2023
Monday, July 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.727, a penny above Friday’s closing price of $2.713. Coming off a pre-session rally, prices jumped to peak at the intraday high of $2.742 within minutes of the open. Seeking direction as summer heat stretches over much of the country, the contract posted a staggered descent until finding the intraday low of $2.664 at midday. Fending off additional losses through the afternoon, August closed lower on Monday at $2.685.
The EIA Natural Gas Storage Report published on Thursday showed a 41 BCF injection to storage for the week ended July 14 – in line with the market estimate of 45 BCF. Total working gas in storage was reported as 2,971 BCF; 24.0% above this time last year and 13.8% above the five-year average.
As of 5:30AM EST this morning in Globex, WTI Crude was down 14 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was down one cent.
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