August 16, 2023
Tuesday, August 15
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.722, seven cents below Monday’s closing price of $2.795. Marking the intraday high of $2.722 soon after the opening bell, the contract pulled back in response to a bearish shift in short-term forecasts. Falling to the intraday low of $2.647 at 10:15AM, prices chopped around the $2.660 level for the majority of the day. September closed lower on Tuesday at $2.659.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 39 BCF injection to storage for the week ended August 11. This compares to an 18 BCF injection at this time last year and a five-year average injection amount of 41 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was down nine cents; Natural Gas was down four; Heating Oil was unchanged; and Gasoline was down one cent.
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