Thursday, August 7th saw the front-month NYMEX Natural Gas contract open at $3.101, $0.024 above Wednesday’s closing price of $3.077. Trading along either side of $3.080 leading up to the weekly storage publication, a bullish shift for weather forecasts overnight provided temporary support. Jumping to the intraday high of $3.148 following the smaller than expected storage injection, prices then withdrew to record the intraday low of $3.035 at midday. Posting a meager recovery through the afternoon, September closed lower on Thursday at $3.067.
The EIA Natural Gas Storage Report published last Thursday posted a 7 BCF injection to storage for the week ended August 1 – above the market estimate of an 11 BCF injection. Total working gas in storage was reported as 3,130 BCF; 4.2% below this time last year and 5.9% above the five-year average.
As of 5:50AM this morning in Globex, WTI Crude was up $0.250; Natural Gas was up $0.020; Heating Oil was up $0.030; and Gasoline was up $0.011.
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