Tuesday, August 19th saw the front-month NYMEX Natural Gas contract open at $2.819, $0.081 below Monday’s closing price of $2.890. Recording the intraday high as the opening bell rang, prices were quick to continue the overnight retreat as short-term forecasted cooling demand decreased. Marking a nine-month intraday low of $2.725 at 11:15AM, the contract posted a meek recovery effort into the afternoon. September closed lower on Tuesday at $2.766.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 18 BCF injection to storage for the week ended August 15. This compares to a 35 BCF injection this time last year and a five-year average injection amount of 38 BCF.
As of 7:05AM this morning in Globex, WTI Crude was up $0.710; Natural Gas was down $0.015; Heating Oil was up $0.034; and Gasoline was up $0.016.
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