August NYMEX Natural Gas Futures Contract Closed at $3.959 on Wednesday, July 21st

Market Insights
Natural Gas
July 22, 2021
Wednesday, July 21st saw the front-month NYMEX Natural Gas Futures Contract open at $3.910, nearly four cents above Tuesday’s closing price of $3.876.  Falling to an intraday low of $3.891 soon after the opening bell, prices soared to an intraday high of $3.965 at 11:00AM, the highest intraday mark since December of 2018.  With continued above average temperatures expected in the coming weeks and storage levels sitting 6.7% below the five-year average.  Trading along either side of $3.940 for the balance of the session, August closed higher on Wednesday at $3.959.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 30 BCF injection to storage for the week ended July 16th .  This compares to a 37 BCF injection at this time last year and a five-year average injection amount of 36 BCF.

As of 6:30AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up two cents.

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