August NYMEX Natural Gas Futures Contracts Closed at $2.797 on Thursday, July 12th

Market Insights
Natural Gas
July 13, 2018
Thursday, July 12th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.815, more than a penny below Wednesday’s closing price of $2.829.  Posting an uncertain ascent to the intraday high of $2.826 ahead of the weekly EIA storage report at 10:30AM, prices then tumbled lower as traders reacted to the below-average injection.  Reaching the intraday low of $2.789 at midday, a subdued bout of buying in the afternoon ultimately saw August close lower on Thursday at $2.797.

The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF injection to storage for the week ended July 6th – in line with the market estimate of 52 BCF.  Total working gas in storage was reported as 2,203 BCF; 24.8% below this time last year and 19.1% below the five-year average.

This morning in Globex, WTI Crude was up 29 cents; Natural Gas was down one cent; Heating Oil was unchanged; and, Gasoline was up one cent. 

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