August 30, 2023
Tuesday, August 29
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.550, three cents below Monday’s closing price of $2.579. Straddling the $2.550 mark for the majority of day, prices marked an intraday high of $2.599 at 9:30AM and an intraday low of $2.515 ahead of 2:30PM. The September contract settled lower on Tuesday at $2.556.
The more actively traded October contract forged a similar path to trade along the $2.660 level, peaking at $2.692 at 9:30AM. October closed nearly flat on Tuesday at $2.662.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended August 25. This compares to a 61 BCF injection at this time last year and a five-year average injection amount of 51 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 62 cents; Natural Gas was up one cent; Heating Oil was down three cents; and Gasoline was up one cent.
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