Thursday, July 20th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.071, slightly above Wednesday’s closing price of $3.067. Prices rose steadily through the morning to plateau at $3.114 soon after the weekly storage report was released. A sharp dip then brought the contract down to $3.051 by 11:30AM. Prices rallied for the next hour before tumbling downward to mark the intraday low of $3.017 around 2:40PM. August closed lower on Thursday at $3.043.
The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF injection to storage for the week ended July 14th – below the market estimate of 32 BCF. Total working gas in storage was reported as 2,973 BCF; 9.1% below this time last year and 5% above the five-year average
This morning in Globex, WTI Crude was down 38 cents; Natural Gas was down one cent; Heating Oil was down two cents; and, Gasoline was down two cents.
New York basis values were lower for the remaining summer months and unchanged for the coming winter season, whereas New England basis values were lower for all seasons. Additionally, cash prices were lower in both regions.
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