Friday, September 5th saw the front-month NYMEX Natural Gas contract open at $3.096, $0.022 above Thursday’s closing price of $3.074. Achieving the intraday high of $3.130 at 9:20AM, the contract proceeded to pull back and trade along $3.065 into the afternoon. With shoulder season fundamentals taking hold, waning production and demand and growing storage levels, prices fell to the intraday low of $3.030 at 2:05PM. October closed lower on Friday at $3.048; up 1.7% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 55 BCF injection to storage for the week ended August 29 – in line with the market estimate of a 56 BCF injection. Total working gas in storage was reported as 3,272 BCF; 2.2% below this time last year and 5.6% above the five-year average.
As of 7:20AM this morning in Globex, WTI Crude was up $1.240; Natural Gas was up $0.090; Heating Oil was up $0.516; and Gasoline was up $0.031.
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