August NYMEX Natural Gas Futures Contracts Closed at $2.829 on Wednesday, July 11th

Market Insights
Natural Gas
July 12, 2018
Wednesday, July 11th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.809, two cents above Tuesday’s closing price of $2.788.  Trending upward from the intraday low of $2.802 early on, support could be attributed to short covering and profit taking ahead of Thursday’s weekly storage report.  Trading within a narrow band near $2.825 by 11:30AM, the contract remained largely unchanged for the balance of the day as August closed higher on Wednesday at $2.829.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 52 BCF injection to storage for the week ended July 6th.  This compares to a 58 BCF injection at this time last year and a five-year average injection amount of 77 BCF.

This morning in Globex, WTI Crude was up 73 cents; Natural Gas was down one cent; Heating Oil was up two cents; and, Gasoline was up two cents. 

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