August 22, 2023
Monday, August 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.618, nearly seven cents above Friday’s closing price of $2.551. Trading sideways along either side of the $2.620 level for the majority of the day, price marked an intraday low of $2.582 at 10:25AM and an intraday high of $2.644 at 2:20PM. The session’s bullish sentiment can likely be attributed to this week’s increase in expected cooling demand and news of a looming Australian LNG strike. September closed higher on Monday at $2.632.
The EIA Natural Gas Storage Report published last 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 8:20AM EST this morning in Globex, WTI Crude was down 27 cents; Natural Gas was down five cents; Heating Oil was down one cent; and Gasoline was up one cent.
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