September 11, 2020
Thursday, September 10
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.347, six cents below Wednesday’s closing price of $2.406. Seeking direction in the session’s opening ninety minutes, prices rose to $2.369 at 9:20AM only to sink to $2.325 an hour later. Surging to an intraday high of $2.391 following the weekly publication, despite the injection aligning with market expectations, the contract once again trended lower in to the afternoon. The market is currently in a downward trend following last month’s meteoric hurricane-induced climb, traders are now balancing waning demand through the shoulder months against a pickup in LNG demand. The October contract closed lower on Thursday at $2.323.
The EIA Natural Gas Storage Report published on Thursday showed a 70 BCF injection to storage for the week ended September 4
th – in line with the market estimate of 68. Total working gas in storage was reported as 3,525 BCF: 17.6% above this time last year and 13.1% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was down 34 cents; Natural Gas was down three cents; Heating Oil was unchanged; and Gasoline was down one cent.
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