Today marks the third straight day of decline in the NYMEX, the July front month contract settled at $3.50 US/mm, down two cents since yesterday’s settle, although it did push lower throughout the day. Again, looks like the NYMEX trading is somewhat range-bound until something shakes it up, most likely when demand increases. Two possibilities are when major LNG plants wrap up their construction and start flowing at record highs again, or when some heat comes and cooling demand picks up. Given how the current forecast looks, the latter could happen before too long.

Meanwhile, expectations for tomorrow’s storage report is for another big injection, specifically about +108 Bcf more in underground storage last week. These kind of builds have a bearish impact on NYMEX futures prices. Stay tuned.