Buyers came out following the release of a bullish weekly natural gas storage report, which sent NYMEX August natural gas futures rallying 78.7 cents to settle at $6.297/MMBtu on July 7. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Roughly one month ago, NYMEX gas futures were trading in the $9.60s/MMBtu area and have since tumbled by a hefty 49% to lows in the $5.30s/MMBtu area earlier this week. Bullish gas market traders have been looking for anything remotely price-supportive as a reason to trigger a short-covering rally. Following the release of the weekly storage data by the Energy Information Administration for the week ended July 1, which showed a much smaller than projected 60 Bcf storage build, NYMEX gas futures soared. In the midst of a heavy-handed short-squeeze, gas futures prices vaulted to an intraday high of $6.381/MMBtu. The data, which brings […]