September NYMEX Natural Gas Futures Contract Closed at $2.083 on Wednesday, August 7th

Wednesday, August 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.124, a penny above Tuesday’s closing price of $2.111.  Catching the downside of a pre-session rally, prices trended lower after the opening bell to dip below $2.010.  Finding momentary relief as the contract shot up to the intraday high of $2.130 at 10:00AM, markets were quick to continue the downward trend.  With sustained healthy production and no support from the latest weather forecasts, September fell to an intraday low of $2.078 ahead of 2:30PM, closing lower on Wednesday at $2.083.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 61 BCF injection to storage for the week ended August 2nd. This compares to a 48 BCF injection at this time last year and a five-year average injection amount of 43 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was up $1.31; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was up two cents. 
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