September NYMEX Natural Gas Futures Contract Closed at $2.177 on Wednesday, August 21st

Wednesday, August 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.194, just below Tuesday’s closing price of $2.198. Extending to the intraday high of $2.210 ahead of 9:40AM, the contract then pulled back as cooler near-term temperatures overruled forecasted month-end heat. Trading along $2.140 through midday and tallying the intraday low of $2.131 at 1:15PM, September posted a late-day recovery to close lower on Wednesday at $2.177.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 25 BCF injection to storage for the week ended August 16th. This compares to an 18 BCF injection this time last year and a five-year average injection amount of 41 BCF.

As of 7:15AM EST this morning in Globex, WTI Crude was up 29 cents; Natural Gas was down one cent; Heating Oil was flat; and Gasoline was up two cents.

New York basis values were unchanged for all seasons, whereas New England basis values were unchanged for the remaining summer months and lower for the coming winter season. Additionally, cash prices were lower in New York and New England.

                                                                                                       
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