September 5, 2023
Friday, September 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.819, five cents above Thursday’s closing price of $2.768. Climbing steadily early on to record an intraday high of $2.860 at 10:45AM, the contract then pulled back and proceeded to withdraw for the balance of the day. Weighing in the impact of current storage levels against the latest forecast for September cooling demand, October closed nearly flat on Friday at $2.765.
The EIA Natural Gas Storage Report published last 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 6:05AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was down 14 cents; Heating Oil was up five cents; and Gasoline was up slightly.
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