July 6, 2023
Wednesday, July 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.721, a penny above Monday’s closing price of $2.709. Ascending early on to record the intraday high of $2.770 by 9:30AM, ample supply levels kept the bulls at bay as the contract pulled back to the $2.680 level at 11:00AM. Marking the intraday low of $2.653 ahead of 2:30PM, August closed lower on Wednesday at $2.657.
The EIA Natural Gas Storage Report is due out on
Friday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended June 30. This compares to a 60 BCF injection at this time last year and a five-year average injection amount of 64 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was up 26 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was up one cent.
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