Natural Gas Contract Trends Analyzed for July

Wednesday, July 1st saw the front-month NYMEX Natural Gas contract open at $3.249, $0.026 below Tuesday’s closing price of $3.275. Marking the intraday high of $3.271 by 9:05AM, prices trended lower to stabilize near $3.215 ahead of 10:00AM as cooling demand was already priced into the market. Establishing the intraday low of $3.198 at 10:55AM, the contract traded within a tight band for the balance of the day. August closed lower on Wednesday at $3.220.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended June 26. This compares to a 96 BCF injection this time last year and a five-year average injection amount of 75 BCF.

In Globex, as of 8:20AM this morning, WTI Crude was down $1.410; Natural Gas was down $0.049; Heating Oil was down $0.036; and Gasoline was up $0.061.

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