Tuesday, July 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.195, four cents above Monday’s closing price of $2.158. Clawing back some of the losses from the previous session’s sell-off, higher-than-expected nominations from the Freeport LNG facility, and possible correction of an oversold market, saw price climb to an intraday high of $2.218 at 10:55AM. Trading within a tight band near $2.190 through the afternoon, August closed higher on Tuesday at $2.188.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 20 BCF injection to storage for the week ended July 12th. This compares to a 41 BCF injection this time last year and a five-year average injection amount of 49 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was up 39 cents; Natural Gas was flat; Heating Oil was down one cent; and Gasoline was flat.
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