Thursday, September 10th saw the front-month NYMEX Natural Gas contract open at $2.774, $0.048 below Wednesday’s closing price of $2.822. Trending lower overnight as traders looked to easing demand as we move deeper into September, prices were hovering near $2.780 ahead of the weekly publication. Slipping to an intraday low of $2.753 as the bearish report hit the wire, the contract posted a steady recovery in the following hours amid fading production. Marking an intraday high of $2.838 at 2:25PM, October closed higher on Thursday at $2.834.
The EIA Natural Gas Storage Report published on Thursday posted a 40 BCF injection to storage for the week ended September 4 – above the market estimate of 35 BCF. Working gas in storage was reported as 3,254 BCF; 2.4% below this time last year and 4.8% above the five-year average.
In Globex, as of 6:20AM this morning, WTI Crude was down $3.400; Natural Gas was down $0.032; Heating Oil was down $0.061; and Gasoline was down $0.058.
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