Natural Gas Storage Report Expectations and Impact

Tuesday, July 8^th saw the front-month NYMEX Natural Gas contract open at $3.382, $0.030 below Monday’s closing price of $3.412. Recording the intraday high of $3.396 by 9:05AM, prices traded gradually lower through the session as traders assessed market fundamentals. Slipping to the intraday low of $3.325 at 12:45PM, August closed lower on Tuesday at $3.340.

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 7:35AM this morning in Globex, WTI Crude was up $0.160; Natural Gas was down $0.044; Heating Oil was down $0.011; and Gasoline was up $0.006.

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