August NYMEX Natural Gas Futures Contracts Closed at $2.837 on Thursday, July 5th

Market Insights
Natural Gas
July 6, 2018
Thursday, July 5th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.877, slightly above Tuesday’s closing price of $2.870, as the NYMEX closed Wednesday in observance of the Independence Day holiday.  Recording the intraday high of $2.879 out of the gate, a brief reprieve from heat in the northeast this weekend then signaled traders lower despite expectations for a below average injection in today’s EIA Storage Report and above average temperatures covering much of the country.  Falling to hover on either side of $2.845 through 1:00PM, the contract then retreated.  Reaching the intraday low of $2.840 ahead of closing, August finished lower on the day at $2.837.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 65 BCF injection to storage for the week ended June 29th.  This compares to a 62 BCF injection at this time last year and a five-year average injection amount of 70 BCF.

This morning in Globex, WTI Crude was down 63 cents; Natural Gas was up two cents; Heating Oil was down one cent; and, Gasoline was down two cents.  

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