July 13, 2023
Wednesday, July 12
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.664, just below Tuesday’s closing price of $2.731. Shortly after market open, the August contract experienced a brief rally and reached an intraday high of $2.674 at 9:40AM. Following the short-lived rally, prices held steady before falling to an the intraday low of $2.618 at 12:30PM. Prices rebounded somewhat from the daily low, closing out the day at $2.632.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 40 BCF injection to storage for the week ended July 14. This compares to a 35 BCF injection at this time last year and a five-year average injection amount of 44 BCF.
As of 9:30AM EST this morning in Globex, WTI Crude was down 5 cents; Natural Gas was down 2 cents; Heating Oil was down 1 cent; and Gasoline was down 1 cent.
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