August NYMEX Natural Gas Futures Contract Closed at $2.220 on Wednesday, July 24th

Wednesday, July 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.265, more than three cents below Tuesday’s closing price of $2.300.  Tallying an intraday high of $2.271 within minutes of opening, the contract slid decidedly lower through the morning until finding support near $2.215.  Lacking fundamental support, prices fell to an intraday low of $2.212 before closing lower on Wednesday at $2.220.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 38 BCF injection to storage for the week ended July 19th. This compares to a 24 BCF injection at this time last year and a five-year average injection amount of 44 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was up 96 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up three cents. 
 
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