Thursday, July 27
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.573, nine cents below Wednesday’s closing price of $2.665. Achieving the intraday high of $2.589 early on, prices withdrew throughout the day as August settled lower on Thursday at $2.492.
Set to assume the front-month position, the more actively traded September contract opened at $2.653, four cents below Wednesday’s closing price of $2.693. Achieving the day’s high within minutes of the open, prices trended lower following the bearish storage injection at 10:30AM. September closed lower as well at $2.595.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 8 BCF injection to storage for the week ended July 21. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 31 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was down 27 cents; Natural Gas was down two cents; Heating Oil was down two cents; and Gasoline was down two cents.
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