September 1, 2023
Thursday, August 31
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.793, nearly even to Wednesday’s closing price of $2.796. Losing ground to trade along $2.750 heading into 10:30AM, prices momentarily dropped to the intraday low of $2.708 as the weekly storage publication hit the wire. Recovering to ascend past the $2.800 level minutes later, the contract continued upward to tally the intraday high of $2.865 at 11:05AM. Losing momentum throughout the afternoon as storage levels remain healthy, October closed lower on Thursday at $2.768.
The EIA Natural Gas Storage Report published on Thursday showed a 32 BCF injection to storage for the week ended August 25 – aligning with market estimate of 35 BCF. Total working gas in storage was reported as 3,115 BCF; 18.4% above this time last year and 8.7% above the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was up 65 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up two cents.
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