Wednesday, August 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.137, nearly four cents Tuesday’s closing price of $2.171. Slipping to an intraday low of $2.085 by 9:30AM, prices spent the majority of the session trading near $2.110 as they square their positions ahead of today’s storage report. Recovering in the final hour of the day to tally an intraday high of $2.165 ahead of closing, major fundamentals remain unchanged. The September contract closed lower on Wednesday at $2.152.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 51 BCF injection to storage for the week ended August 8th. This compares to a 49 BCF injection at this time last year and a five-year average injection amount of 44 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was down six cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was unchanged.
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