Wednesday, September 3rd saw the front-month NYMEX Natural Gas contract open at $3.100, $0.091 above Tuesday’s closing price of $3.009. Extending to record a nearly two-month intraday high of $3.131 by 9:05AM, analysts attributed the overnight gains to a drop in production. Pulling back to stabilize near $3.060 by midday, marking the intraday low of $3.037 at 12:20PM, October closed higher on Wednesday at $3.064.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 56 BCF injection to storage for the week ended August 29. This compares to a 13 BCF injection this time last year and a five-year average injection amount of 36 BCF.
As of 7:20AM this morning in Globex, WTI Crude was down $0.770; Natural Gas was up $0.050; Heating Oil was down $0.040; and Gasoline was down $0.001.
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