The month of July has ushered in record heat across the U.S. and is on track to be one of the hottest months, since 1950, when EIA began keeping records. ERCOT (Texas) set a new peak demand record for July, during the recent heat wave, and the Midwest is experiencing significant heat, compared to normal. The Energy Information Administration (EIA) reported that natural gas demand was up nearly 10% last week, compared to the previous week, and consumption for power generation increased by more than 20%. This week, the EIA also reported an injection of 45 Bcf into storage, for the week ending July 10th. This injection was relatively bullish, compared to the 63 Bcf average increase for the same reporting week. Although the weekly report was bullish, overall storage remains at a surplus and is now 16% above the five-year average. While the heat wave and bullish storage report gave some pause to natural gas prices, the prompt month (August) ended the week at $1.718 per MMBtu, down nearly 5% from the previous week’s close, the lowest closing price since July 1st. The July contract rolled off the board at $1.495 per MMBtu, 13% below the June settle, and 35% below the July 2019 contract settlement. The average NYMEX settlement for natural gas in 2020 is now $1.786 per MMBtu. Traders continue to evaluate the impact weather and COVID-19 are having on demand, as well as the impact global demand is having on LNG exports.