Tuesday, July 12th saw the August NYMEX Natural Gas Futures Contract open at $6.623, twenty cents above Monday’s closing price of $6.426. Achieving an intraday high of $6.666 within minutes of the opening, the contract then fell into a steady decline, tallying the intraday low of $6.014 at 11:00AM. Trading along the $6.20 level for the balance of the day, as traders reassessed fundamentals pertaining to short-term cooling demand and production concerns. August closed lower on Tuesday at $6.163.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 48 BCF injection to storage for the week ended July 8. This compares to a 55 BCF injection at this time last year and a five-year average injection amount of 55 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up 58 cents; Natural Gas was up 22 cents; Heating Oil was up eight cents; and Gasoline was down three cents.
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