September 2, 2020
Tuesday, September 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.569, six cents below Friday’s closing price of $2.630. Seeking direction through volatile trading in the day’s opening hour, the contract fell to $2.522 at 9:00AM and rose to $2.592 by 9:45AM, only to sink to an intraday low of $2.504 by midday. Recovering to achieve an intraday high of $2.614 at 1:40PM, analysts are having trouble weighing market fundamentals as the Midwest experiences below average temperatures and active storms in the Gulf of Mexico have steered clear of natural gas infrastructure. The October contract closed lower on Tuesday at $2.527.
As of 8:30AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was down eight cents; Heating Oil was up one cent; and Gasoline was up two cents.
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