Save for later Print Download Share LinkedIn Twitter July natural gas futures inched up 1.1¢ to close at $3.251 per million Btu Wednesday following Tuesday’s sharp 11-cent plunge, which market analysts credited profit taking, weaker cash prices and a drop in LNG export volumes. Thursday's market direction could depend on how traders react to the storage data. The market is looking for a below normal storage build, which could be bullish (Briefly Noted). However, this has been priced into the market. The prompt month traded in a $3.187-3.274 range.The 12-month strip was 1.6¢ higher at $3.204, while the 2022 calendar strip was up 1.6¢ at $2.995 (Futures contracts). * * * In the daily spot market, El Paso - South Mainline saw the most significant price move of the day, falling 87¢ to $4.75. This compared to benchmark Henry Hub cash prices that were down 13¢ at $3.17. In the Northeast, Transco zone 6 New York went up 1¢ to average $2.30, while Boston-area Algonquin advanced 2¢ to average $2.34. In West Texas, cash prices at the Permian's Waha Hub rose 2¢ to average $3.03. Meanwhile, Rockies leader Kern/Opal rose 4¢ to $3.38, SoCal Citygate declined 63¢ to average $5.67 and Northwest Sumas lost 4¢ to average $3.23. In Canada, Alberta benchmark Aeco fell 5¢ to $2.59 (Daily spot prices). * * * July WTI crude closed up 3¢ at $72.15 per barrel Wednesday following a report that showed US crude inventories fell more than double the amount expected. The EIA reported a 7.4 million-barrel decline in crude inventories against expectations for a 3.3 million-barrel drop. The EIA also reported that gasoline stocks rose by 4 million barrels, while a 614,000-barrel decline was expected. Distillates, including heating oil and diesel, fell by 1 million barrels against an expected 186,000-barrel build. * * * Subscriber note: Energy Intelligence intends to change the pipeline reference names of both Dominion South and Dominion North to Eastern Gas South and Eastern Gas North in keeping with that pipeline’s name change following its purchase by Berkshire Hathaway. The name change is scheduled to go into effect with the Jul. 2, 2021 issue of Gas Market Reconnaissance and the Jul. 5, 2021 issue of Natural Gas Week.