August NYMEX Natural Gas Futures Contract Closed at $2.403 on Monday, July 8th

Monday, July 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.421, slightly above Friday’s closing price of $2.418.  Jumping to a new five-week intraday high of $2.432 by 9:10AM, prices then swung lower as the short covering rally subsided.  Finding support near $2.385, the contract seesawed within a two-cent range of this mark for the majority of the day, falling to an intraday low of $2.369 at 1:00PM.  Ascending past the $2.40 level to close out the day, time will tell if updated forecasts and worries related to the impending hurricane season will be enough to sustain this level.  August closed on Monday lower at $2.403.

As of 8:50AM EST this morning in Globex, WTI Crude was up 27 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up two cents. 
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