Wednesday, July 9th saw the front-month NYMEX Natural Gas contract open at $3.225, $0.115 below Tuesday’s closing price of $3.340. Knocked down by abundant storage levels and lackluster weather forecasts, prices reached an intraday high of $3.228 minutes after the opening bell. Marking a seven-week intraday low of $3.149 at midday, the contract traded along the $3.190 level into the afternoon. August closed lower on Wednesday at $3.214.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 59 BCF injection to storage for the week ended July 4. This compares to a 65 BCF injection this time last year and a five-year average injection amount of 53 BCF.
As of 7:50AM this morning in Globex, WTI Crude was down $0.720; Natural Gas was down $0.007; Heating Oil was up $0.004; and Gasoline was down $0.019.
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