July 20, 2022
Tuesday, July 19
th saw the August NYMEX Natural Gas Futures Contract open at $7.277, twenty cents below Monday’s closing price of $7.479. Losing ground overnight as traders assess the latest heatwave at home and abroad, prices fell to an intraday low of $7.163 at 9:20AM and rose to an intraday high of $7.441 roughly an hour later. Seeking direction throughout the afternoon, as the latest forecasts show lighter cooling demand, August closed lower on Tuesday at $7.264.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 39 BCF injection to storage for the week ended July 15. This compares to a 49 BCF injection at this time last year and a five-year average injection amount of 41 BCF.
As of 8:25AM EST this morning in Globex, WTI Crude was down $1.98; Natural Gas was up fourteen cents; Heating Oil was down eight cents; and Gasoline was down five cents.
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