September 6, 2023
Tuesday, September 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.603, sixteen cents below Friday’s closing price of $2.765. Knocked down over the long weekend, by forecasts for weakening cooling demand, the contract peaked at an intraday high of $2.622 at 9:45AM. Trailing lower throughout the day, marking the intraday low of $2.566 at 11:45AM, October closed lower on Tuesday at $2.582.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 41 BCF injection to storage for the week ended September 1st. This compares to a 54 BCF injection at this time last year and a five-year average injection amount of 60 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down one cent.
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