Friday, July 29th saw the September NYMEX Natural Gas Futures Contract open at $8.224, nine cents above Thursday’s closing price of $8.134. Marking the intraday high of $8.366 by 9:15AM, the contract fell to the intraday low of $8.001 at 10:25AM. Weighing the impact of domestic cooling demand and the energy crisis in Europe prices rose to near 14-year highs throughout the week before falling back to earth. September closed higher on Friday at $8.229, nearly flat on the week; down <1%.
The EIA Natural Gas Storage Report published on Thursday showed a 15 BCF injection to storage for the week ended July 22 – in line with the market estimate of 19 BCF. Total working gas in storage was reported as 2,416 BCF; 10.8% below this time last year and 12.5% below the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was down $1.68; Natural Gas was down 25 cents; Heating Oil was down four cents; and Gasoline was down five cents.
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