August 2, 2023
Tuesday, August 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.560, seven cents below Monday’s closing price of $2.634. Healthy storage levels and a break in intense summer heat in the Northeast directed prices lower early on, as the contract fell to an intraday low of $2.531 by 9:15AM. Fluctuating within two cents of $2.555 through the morning hours, the contract rose to tally an intraday high of $2.578 at 2:00PM. September closed lower on Tuesday at $2.560.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 15 BCF injection to storage for the week ended July 28. This compares to a 41 BCF injection at this time last year and a five-year average injection amount of 37 BCF.
As of 7:50AM EST this morning in Globex, WTI Crude was up 46 cents; Natural Gas was down three cents; Heating Oil was up three cents; and Gasoline was up two cents.
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