August 6, 2020
Wednesday, August 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.199, just above Tuesday’s closing price of $2.193. Continuing the ongoing rally to reach an intraday high of $2.255 by 10:30AM, the contract then pulled back for the balance of the session as traders squared their positions ahead of today’s storage report. Tallying an intraday low of $2.163 at 12:20PM, the September contract closed nearly flat on Wednesday at $2.191.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 31 BCF injection to storage for the week ended July 31
st. This compares to a 55 BCF injection at this time last year and a five-year average injection amount of 33 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was down 32 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was up slightly.
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