August NYMEX Natural Gas Futures Contracts Closed at $2.858 on Friday, July 6th

Market Insights
Natural Gas
July 9, 2018
Friday, July 6th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.843, slightly above Thursday’s closing price of $2.837.  Declining initially to slip below $2.835, prices then rose to recapture the $2.845 mark ahead of the weekly storage report at 10:30AM.  Sinking to the intraday low of $2.826 as the bearish report was published, the contract then bounced back to reach $2.861 minutes later.  Stabilizing near $2.850 through midday, the afternoon posted modest gains as above-average weather is scheduled to return next week.  Marking the intraday high of $2.862 near 2:30PM, August closed higher on Friday at $2.858.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended June 29th – well above the market estimate of 65 BCF.  Total working gas in storage was reported as 2,152 BCF; 25.0% below this time last year and 18.6% below the five-year average.

This morning in Globex, WTI Crude was up 18 cents; Natural Gas was down one cent; Heating Oil was up two cents; and, Gasoline was up two cents.  Additionally, cash prices were lower in New York and New England.
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