Tuesday, August 9th saw the September NYMEX Natural Gas Futures Contract open at $7.786, twenty cents above Monday’s closing price $7.589. Trading along either side of $7.800 throughout the morning, marking the intraday high of $7.889 at noon, the session lacked any material activity following the volatility seen in the past few days. Traders are seemingly trying to decide if summer is truly behind us, or if there’s another rally to be had. Slipping to an intraday low of $7.687 at 12:50PM, September closed higher on Tuesday at $7.833.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 40 BCF injection to storage for the week ended August 5. This compares to a 49 BCF injection at this time last year and a five-year average injection amount of 45 BCF.
As of 6:55M EST this morning in Globex, WTI Crude was down $1.21; Natural Gas was up two cents; Heating Oil was down five cents; and Gasoline was down one cent.
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