Market Intel

September NYMEX Natural Gas Futures Contracts Closed at $2.985 on Thursday, August 10th

Aug 11, 2017

Thursday, August 10th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.914, three cents above Wednesday’s closing price of $2.883.  Balancing along the $2.90 mark through 10:00AM, the contract then slipped to the intraday low of $2.881.  Surging upward as the bullish storage report was released, the weather-dependent market finally found motive to approach the $3.00 level.  Stabilizing near $2.98 by 11:00AM, prices gradually built to tally a two-week intraday high of $2.995 at 12:30PM.  Able to sustain the day’s gains, September closed higher on Thursday at $2.985.

The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF injection to storage for the week ended August 4th – below the market estimate of 36 BCF.  Total working gas in storage was reported as 3,038 BCF; 8.3% below this time last year and 2.0% above the five-year average.

This morning in Globex, WTI Crude was down 12 cents; Natural Gas was down one cent; Heating Oil was down slightly; and, Gasoline was up slightly.  Additionally, cash prices were higher in New York and lower in New England.

 

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