Wednesday NYMEX Natural Gas Futures Contract Closed at $2.406 on Wednesday, September 9th

Wednesday, September 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.467, nearly seven cents above Tuesday’s closing price of $2.400.  Ascending to an intraday high of $2.480 within minutes of 9:00AM, the contract proceeded to lose 6% in the following ninety minutes.  Recording an intraday low of $2.328 ahead of 11:00AM, traders mounted a staggered climb that would surpass $2.425 by 1:15PM.  Battling continued volatility, October closed slightly higher on Wednesday at $2.406.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 68 BCF injection to storage for the week ended September 4th. This compares to a 78 BCF injection at this time last year and a five-year average injection amount of 68 BCF.

As of 8:35AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down slightly.

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