August 14, 2023
Friday, August 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.752, a penny below Thursday’s closing price of $2.763. Trending lower through the morning hours to record the intraday low of $2.701 at 11:00AM, the contract struggled to find its footing following Thursday’s hasty retreat after a somewhat bearish storage injection. In fairness, the latest rally was likely overextended as storage levels are above historical averages and traders are setting their sights on the coming winter months. Mounting a recovery into the afternoon, September rose to an intraday high of $2.785 ahead of 2:00PM before ultimately finishing the day higher at $2.770.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF injection to storage for the week ended August 4 – in line with the market estimate of 30 BCF. Total working gas in storage was reported as 3,030 BCF; 21.4% above this time last year and 11.2% above the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was down two cents.
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