Tuesday, July 21st saw the front-month NYMEX Natural Gas Futures Contract open at $1.662, two cents above Monday’s closing price of $1.641. Ascending as high as $1.900 and finding a bottom near $1.500, natural gas has seen its fair share of rallies over the past few months. Short covering rallies or other market catalysts have propelled the contract upward while tepid demand, healthy storage levels, and anemic LNG exports continue to drive prices back to the $1.50 level. We’re likely to follow this trend into the winter months, barring unforeseen conditions. Tallying an intraday high of $1.681 by 9:30AM Tuesday morning, prices seem to have stabilized for the time being. Marking an intraday low of $1.651 ahead of 1:00PM, the August contract closed higher on Tuesday at $1.675.
As of 7:00AM EST this morning in Globex, WTI Crude was down 69 cents; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was down one cent.
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