August 24, 2022
Tuesday, August 23
rd saw the September NYMEX Natural Gas Futures Contract open at $9.753, seven cents above Monday’s closing price $9.680. Continuing the Monday’s rally, prices rose to a fresh 13-year intraday high of $10.008 near 10:30AM. Fluctuating within the high $9.00 range through 1:00PM, prices then plummeted as the Freeport LNG terminal provided an update to it’s restart date, stating that the facility would resume production in November. Therefore stranding 2 BCF/day for domestic use, a month later that previously expected. Marking the intraday low of $9.050 at 1:15PM shortly after the news broke, September closed lower on Tuesday at $9.193.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 62 BCF injection to storage for the week ended August 19. This compares to a 29 BCF injection at this time last year and a five-year average injection amount of 46 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was up 92 cents; Natural Gas was up 14 cents; Heating Oil was up one cent; and Gasoline was down one cent.
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