August 3, 2023
Wednesday, August 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.513, five cents below Tuesday’s closing price of $2.560. Recording the intraday high of $2.520 within minutes of the opening bell, bearish pressure due to moderating forecasts drove prices lower throughout the session. Crossing midday at $2.473 and marking the intraday low of $2.457 at 12:55PM, September closed lower on Wednesday at $2.477.
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 7:00AM EST this morning in Globex, WTI Crude was down 11 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down four cents.
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