July 9, 2020
Wednesday, July 8
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.838, four cents below Tuesday’s closing price of $1.876. Ascending to an intraday high of $1.859 three times throughout the day’s session, the last time at 1:40PM, the contract fell to an intraday low of $1.817 ahead of 2:30PM. Using $1.845 as a baseline for the majority of the day, prices finished ultimately lower as traders square their positions ahead of today’s storage report. The August contract closed lower on Wednesday at $1.824.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 57 BCF injection to storage for the week ended July 3
rd. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 68 BCF.
As of 8:00AM EST this morning in Globex, WTI Crude was down five cents; Natural Gas was up five cents; Heating Oil was up one cent; and Gasoline was unchanged.
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