Wednesday, July 15th saw the front-month NYMEX Natural Gas contract open at $2.880, $0.024 below Tuesday’s closing price of $2.904. Recording the intraday low of $2.865 within minutes of the opening bell, prices soon rose as traders positioned themselves ahead of today’s storage report. Monitoring production and the latest weather models the contract traded along either side of $2.195 through midday. Marking an intraday high of $2.937 at 1:00PM, August closed higher on Wednesday at $2.924.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 41 BCF injection to storage for the week ended July 10. This compares to a 46 BCF injection this time last year and a five-year average injection amount of 45 BCF.
In Globex, as of 6:45AM this morning, WTI Crude was down $0.120; Natural Gas was down $0.005; Heating Oil was down $0.025; and Gasoline was up $0.017.
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