August 28, 2023
Friday, August 25
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.505, a penny below Thursday’s closing price of $2.519. Initially trending lower to tally the intraday low of $2.471 ahead of 10:00AM, the contract then reversed direction as forecasts for early September turned bullish. Ascending to cross midday near $2.525, prices rose to achieve the intraday high of $2.548 at 12:55PM. September closed higher on Friday at $2.540.
The EIA Natural Gas Storage Report published on Thursday showed an 18 BCF injection to storage for the week ended August 18 – below with the market estimate of 27 BCF. Total working gas in storage was reported as 3,083 BCF; 20.0% above this time last year and 9.5% above the five-year average.
As of 6:15AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was up seven; Heating Oil was down three cents; and Gasoline was down three cents.
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