Thursday, September 6th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.794, even to Wednesday’s closing price of $2.795. Recording the intraday high of $2.797 as markets opened, prices tumbled downward to seesaw along $2.780 through 10:30AM. Experiencing volatility as the weekly publication reported an injection that was in line with market expectations and historical averages, the contract ultimately continued lower into the afternoon. With steady production outweighing short-term moderate forecasts, October fell to the intraday low of $2.765 at 1:40PM before closing at $2.772 on Thursday.
The EIA Natural Gas Storage Report published on Thursday showed a 63 BCF injection to storage for the week ended August 31st – nearly even to the market estimate of 64 BCF. Total working gas in storage was reported as 2,568 BCF; 20.0% below this time last year and 18.7% below the five-year average.
This morning in Globex, WTI Crude was down 19 cents; Natural Gas was unchanged; Heating Oil was down slightly; and, Gasoline was up slightly.
Natural Gas Glossary
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