July 26, 2023
Tuesday, July 25
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.680, just below Monday’s closing price of $2.685. Falling to the intraday low of $2.656 soon after 9:00AM, the contract traded along either side of $2.675 until midday. Prompted by a bullish shift to short-term forecasts, prices spiked to the intraday high of $2.754 at midday. Pulling back to the $2.690 level soon thereafter, August rose steadily to finish the day, closing higher at $2.730.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 8 BCF injection to storage for the week ended July 21. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 31 BCF.
As of 6:00AM EST this morning in Globex, WTI Crude was down 85 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up slightly.
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