August NYMEX Natural Gas Futures Contract Closed at $2.344 on Tuesday, July 9th

Tuesday, July 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.429, six cents above Monday’s closing price of $2.366. Extending to an intraday high of $2.448 by 9:15AM, prices soon pulled back as updated forecasts provided a slightly bearish shift. Providing additional bearish pressure, feed gas volumes at the Freeport LNG terminal remained subdued following Hurricane Beryl. Falling throughout the day to record the intraday low of $2.340 ahead of 2:30PM, August closed lower on Tuesday at $2.344.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 55 BCF injection to storage for the week ended July 5th. This compares to a 49 BCF injection this time last year and a five-year average injection amount of 57 BCF.

As of 7:30AM EST this morning in Globex, WTI Crude was down 24 cents; Natural Gas was up four cents; Heating Oil was down two cents; and Gasoline was down two cents.

                                                                                                 
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