August 23, 2023
Tuesday, August 22
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.579, five cents below Monday’s closing price of $2.632. Ascending to the intraday high of $2.636 at 10:00AM, prices then pulled back as the latest weather models showed easing cooling demand from the previous forecast. Falling to $2.552 by midday and the intraday low of $2.540 ahead of 1:00PM, September closed lower on Tuesday at $2.560.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 27 BCF injection to storage for the week ended August 18. This compares to a 60 BCF injection at this time last year and a five-year average injection amount of 49 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was down $1.21; Natural Gas was down three cents; Heating Oil was down two cents; and Gasoline was down five cents.
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