August 30, 2021
Friday, August 27th – settlement day for the September contract – saw the front-month NYMEX Natural Gas Futures Contract open at $4.374, nearly twenty cents above Thursday’s closing price of $4.184. The arrival of Hurricane Ida in the Gulf and possible threat to Natural Gas and Oil infrastructure drove prices higher overnight. Posting a choppy ascent to a multi-year intraday high of $4.396 at 10:20AM, the contract traded along $4.360 for the majority of the session. September settled higher on Friday at $4.370. The October contract closed higher as well, finishing at $4.388.
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 6:35AM EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline up three cents.
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