As we roll into the last day of trading for August NYMEX futures, the price did end up dropping all the way into $2.00 US/MM territory, and started the day off at $2.988 US/MM. This means we saw an overall drop by a margin greater than $0.10, which reflects the market’s bearish sentiment and coincides with the general sell off closer towards the last day of trading and the month’s end. As the NYMEX closes, we did see one final rally to let August expire just barely into that $3.00 US/MM territory at $3.081 US/MM, as we close the book on this month of trading and roll over to our new front month of September tomorrow!

In terms of weather, yesterday we mentioned a heatwave hitting the Northeast, but this is in a broader time frame in the coming weeks, however in a shorter outlook we are seeing below average temperatures on both coasts in the US, but above average weather in Northern and Southern states bordering Canada and Mexico respectively. This coincides with the general bearishness of the market, as cooler temperatures especially in this time of year indicate less of a demand during a general surplus in supply with injection season. (AA)