August 12, 2022
Thursday, August 11
th saw the September NYMEX Natural Gas Futures Contract open at $8.407, twenty cents above Wednesday’s closing price $8.202. Trading within a 10-cent window of $8.400 in the day’s initial ninety minutes, prices slipped to intraday low of $8.259 as the report hit the wire. Shaking off the bearish storage news, the contract rose to cross midday at $8.426 and tallied a two-week intraday high of $8.905 ahead of 2:30PM. September closed higher on Thursday at $8.874.
The EIA Natural Gas Storage Report published on Thursday showed a 44 BCF injection to storage for the week ended August 5 – in line with the market estimate of 40 BCF. Total working gas in storage was reported as 2,501 BCF; 9.7% below this time last year and 11.9% below the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was down $1.41; Natural Gas was down 22 cents; Heating Oil was up one cent; and Gasoline was down five cents.
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