Wednesday, September 2nd saw the front-month NYMEX Natural Gas contract open at $2.920, $0.004 above Tuesday’s closing price of $2.916. Recording the intraday low of $2.916 within minutes of 9:00AM, prices trended higher through the morning amid continued forecasts for elevated cooling demand in September and steady LNG exports. Marking the intraday high of $2.979 at 12:45PM, steady production levels pared any extensive gains. October closed higher on Wednesday at $2.956.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 31 BCF injection to storage for the week ended August 28. This compares to a 55 BCF injection this time last year and a five-year average injection amount of 37 BCF.
In Globex, as of 7:20AM this morning, WTI Crude was up $1.280; Natural Gas was up $0.031; Heating Oil was down $0.028; and Gasoline was down $0.008
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