August NYMEX Natural Gas Futures Contract Closed at $2.629 on Tuesday, July 18th

Tuesday, July 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.608, nearly ten cents above Monday’s closing price of $2.512. Falling to the intraday low of $2.581 by 9:30AM, the contract then began a gradual ascent that would span the majority of the session. Balancing hefty cooling demand in much of the country against healthy a storage balance, the contract stabilized near $2.640 to close out the day. Marking the intraday high of $2.647 at 1:30PM, August closed higher on Tuesday at $2.629.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 45 BCF injection to storage for the week ended July 14. This compares to a 32 BCF injection at this time last year and a five-year average injection amount of 45 BCF.

As of 7:40AM EST this morning in Globex, WTI Crude was up 23 cents; Natural Gas was down slightly; Heating Oil was up three cents; and Gasoline was down one cent.
               
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