September 8, 2023
Thursday, September 7
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.509, nearly even to Wednesday’s closing price of $2.510. Marking the intraday low of $2.500 within minutes of the opening bell, the contract soon found bullish pressure as prices rose to $2.560 leading up to the weekly storage report. Jumping above $2.600 in the minutes following the smaller-than-expected injection, prices rose to an intraday high of $2.614 at 11:00AM. Trending cautiously lower through the afternoon, October closed higher on Thursday at $2.579.
The EIA Natural Gas Storage Report published on Thursday showed a 33 BCF injection to storage for the week ended September 1 – below the market estimate of 41 BCF. Total working gas in storage was reported as 3,148 BCF; 17.2% above this time last year and 7.6% above the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was up 43 cents; Natural Gas was up four cents; Heating Oil was up seven cents; and Gasoline was up four cents.
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