August NYMEX Natural Gas Contract Settles at $2.886

The August NYMEX natural gas contract settled at $2.886 on Wednesday, July 29th. This was up $.065 for the day, for a contract that has been up the prior two days of trading as well. The main rationale for the climb has been forecasts for above normal temperatures for the first part of August throughout most of the United States.

Today is the first day of trading for September as the prompt month, and the NYMEX is down slightly this morning, with September currently trading at $2.832, a decline of $.032. The US EIA will be releasing their weekly storage report this morning at 10 :30 AM EST, and early indications are for an injection of between 53 to 57 Bcf. An injection within the expected range would be significantly below last year’s injection of 88 Bcf, but slightly above the 5-year average injection for this week, which is 48 Bcf.