September 7, 2023
Wednesday, September 6
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.542, four cents below Monday’s closing price of $2.582. Achieving the intraday high and low of the day within the opening half hour, $2.546 and $2.503 respectively, the contract traded within a tight band near $2.525 for the remainder of the day. Battling bearish pressure from steady production and calls for waning cooling demand, October closed lower on Wednesday at $2.510.
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 6:20AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was down slightly; Heating Oil was down one cent; and Gasoline was up one cent.
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