August 27, 2021
Thursday, August 26th saw the front-month NYMEX Natural Gas Futures Contract open at $3.963, nearly seven cents above Wednesday’s closing price of $3.897. Marking an intraday low of $3.958 soon after the opening bell, prices rose to $3.955 ahead of the week storage publication, continuing the overnight recovery as the National Hurricane Center brought news of an impending tropical storm that will likely impact the Gulf Coast in the coming week. Surging to $4.095 as the bullish report hit the wire, the contract continued its aggressive ascent well into the afternoon. Marking a three-week intraday high of $4.193 ahead of 2:30PM, September closed higher on Thursday at $4.184.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF injection to storage for the week ended August 20th – below the market estimate of 37 BCF. Total working gas in storage was reported as 2,851 BCF; 16.5% below this time last year and 6.2% below the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was up $1.11; Natural Gas was up five cents; Heating Oil was up one cent; and Gasoline up three cents.
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