September 22, 2023
Thursday, September 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.700, three cents below Wednesday’s closing price of $2.733. Rising steadily to reach $2.730 by 9:30AM, the contract was trading near $2.740 as the weekly storage publication drew near. Posting a momentary jump to the intraday high of $2.759 in the minutes following the report, prices then withdrew as the injection paled in comparison to historical injections. Crossing midday $2.655, the contract withdrew into the afternoon to mark the intraday low of $2.605 ahead of 2:30PM. October closed lower on Thursday at $2.610.
The EIA Natural Gas Storage Report published on Thursday showed a 64 BCF injection to storage for the week ended September 15 – in line with the market estimate of 64 BCF. Total working gas in storage was reported as 3,269 BCF; 14.3% above this time last year and 5.9% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was up three cents; Heating Oil was up five cents; and Gasoline was up one cent.
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