July crude oil traded higher during the overnight and early morning hours, breaking out to their highest level in five days. The gains in crude oil took on a new upward trajectory following a surprise interest rate cut by the PBOC ahead of the New York opening. The gains, along with weakness in the US dollar, provided a measure of support to the product markets. The complex erased those early gains in the wake of Fed Chairman Bernanke's congressional testimony were he stopped short of offering another round of monetary support. Meanwhile, July natural gas prices traded down to their lowest level since April 30th in response to this morning's data from the EIA that showed a slightly larger than expected weekly injection of 62 bcf. Total storage stands at 2877 bcf or 31.4% above the 5 year average. Over the last four weeks natural gas storage has increased 271 bcf.