September 21, 2023
Wednesday, September 20
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.753, nearly ten cents below Tuesday’s closing price of $2.848. Following a drop to the intraday low of $2.703 by 9:25AM, the contract slowly recovered lost ground to manage an intraday high of $2.759 at 11:15AM. Analysts pointed to upcoming pipeline maintenance and bearish short-term temperatures as reasons for the pullback overnight. Prices hovered near $2.735 throughout the afternoon as October closed lower on Wednesday at $2.733; down 4.2% from Tuesday, up 0.2% from Monday.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 64 BCF injection to storage for the week ended September 15th. This compares to a 103 BCF injection at this time last year and a five-year average injection amount of 84 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 87 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was down three cents.
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