August NYMEX Natural Gas Futures Contract Closed at $2.240 on Tuesday, July 2nd

Tuesday, July 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.275, slightly above Monday’s closing price of $2.267.  Marking an intraday high of $2.281 within minutes of the opening bell, the contract was quick to resume Monday’s bearish trend.  Lacking fundamental support prices slipped to an intraday low $2.238 by 10:00AM.  Following a jump above to $2.270 thirty minutes later, the August contract descended gradually through the balance of the session to close lower on Tuesday at $2.240.

The EIA Natural Gas Storage Report is due out at 12:00PM today.  The report is expected to show an 85 BCF injection to storage for the week ended June 28th.  This compares to a 78 BCF injection at this time last year and a five-year average injection amount of 70 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was up 44 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was up one cent. 

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