August 21, 2023
Friday, August 18
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.533, nine cents below Thursday’s closing price of $2.621. Slipping to the intraday low of $2.524 within minutes of the open, prices then shot up to the intraday high of $2.599 by 9:35AM. Already diminished by easing weather forecasts earlier in the week, the contract stabilized near $2.550 for the balance of the day. September closed lower on Friday at $2.551, down nearly 8% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 35 BCF injection to storage for the week ended August 11 – in line with the market estimate of 39 BCF. Total working gas in storage was reported as 3,065 BCF; 21.8% above this time last year and 10.8% above the five-year average.
As of 8:35AM EST this morning in Globex, WTI Crude was up $1.07; Natural Gas was up seven cents; Heating Oil was up two cents; and Gasoline was down one cent.
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