August NYMEX Natural Gas Futures Contract Closed at $1.785 on Thursday, July 23rd

Market Insights
Natural Gas
July 24, 2020
Thursday, July 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.703, two cents above Wednesday’s closing price of $1.681.  Slipping downward to reach an intraday low of $1.677 ahead of the 10:30AM storage publication, prices then shot higher as the report hit the wire.  Surpassing $1.750 at 10:40AM, the contract rose into the afternoon to tally an intraday high of $1.805 at 1:40PM.  The August contract closed higher on Thursday at $1.785.

The EIA Natural Gas Storage Report published on Thursday showed a 37 BCF injection to storage for the week ended July 17th – below the market estimate of 45. Total working gas in storage was reported as 3,215 BCF: 25.6% above this time last year and 15.7% above the five-year average.

As of 6:25AM EST this morning in Globex, WTI Crude was up 43 cents; Natural Gas was down two cents;
Heating Oil was up one cent; and Gasoline was up one cent.

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