August 15, 2023
Monday, August 14
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.785, nearly two cents above Friday’s closing price of $2.770. Posting a shaky ascent to an intraday high of $2.801 by 9:45AM, the contract proceeded to chop around the $2.770 level throughout the morning as markets sought direction following last week’s rally and subsequent selloff. With above average temperatures for most of the country in the latest forecast, the contract rose steadily into the afternoon to reclaim the $2.790 level. September closed higher on Monday at $2.795.
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 7:15AM EST this morning in Globex, WTI Crude was down 83 cents; Natural Gas was unchanged; Heating Oil was down one cent; and Gasoline was down one cent.
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