Monday, August 31st saw the front-month NYMEX Natural Gas contract open at $2.867, $0.021 below Friday’s closing price of $2.888. Marking the intraday low of $2.864 ahead of 9:10AM, prices soon trended higher as the latest forecasts are calling for a historically warm September. Overlooking steady production levels, the contract rose to tally an intraday high of $2.947 shortly after midday. October closed higher on Monday at $2.935.
The EIA Natural Gas Storage Report published last Thursday posted a 15 BCF injection to storage for the week ended August 21 – in line with the market estimate of 15 BCF. Working gas in storage was reported as 3,184 BCF; 0.9% below this time last year and 5.5% above the five-year average.
In Globex, as of 6:15AM this morning, WTI Crude was up $2.060; Natural Gas was down $0.018; Heating Oil was up $0.074; and Gasoline was up $0.23.
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