Wednesday, July 20th saw the August NYMEX Natural Gas Futures Contract open at $7.478, twenty-one cents above Tuesday’s closing price of $7.264. Marking the intraday low of $7.345 at 9:45AM, prices traded along either side of $7.440 through midday. The contract mounted a hefty ascent ahead of 1:00PM as national cooling demand soars and energy tensions in Europe persist. Marking a five-week intraday high of $8.028 ahead of 2:30PM, August closed higher on Wednesday at $8.007.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 39 BCF injection to storage for the week ended July 15. This compares to a 49 BCF injection at this time last year and a five-year average injection amount of 41 BCF.
As of 8:10AM EST this morning in Globex, WTI Crude was down $4.46; Natural Gas was down 32 cents; Heating Oil was down 13 cents; and Gasoline was down 20 cents.
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