July 27, 2022
Tuesday, July 26
th saw the August NYMEX Natural Gas Futures Contract open at $9.352, sixty-two cents above Monday’s closing price of $8.727. Achieving a six-week intraday high of $9.444 at 9:25AM, trending lower throughout the day, the EBW Analytics Group noted, “Although the magnitude and speed of recent natural gas price gains point to contributing non-fundamental market dynamics, supportive fundamentals are nonetheless the primary driver.” The August contract will expire today, which is providing additional volatility. Marking the intraday low of $8.866 ahead of midday, August closed higher on Tuesday at $8.993.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 19 BCF injection to storage for the week ended July 22. This compares to a 36 BCF injection at this time last year and a five-year average injection amount of 32 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was up $1.00; Natural Gas was down 18 cents; Heating Oil was up five cents; and Gasoline was up four cents.
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