Monday, August 11th saw the front-month NYMEX Natural Gas contract open at $2.983, $0.007 below Friday’s closing price of $2.990. Achieving the intraday high of $3.000 at 9:20AM, prices trended lower through the session amidst multiple bearish factors. As hurricane season in the Atlantic comes to be, tropical disturbances can bring cooler weather and power outages. Additionally, the latest weather forecasts have reduced expected cooling demand. Falling to record the intraday low of $2.927 at 2:05PM, September closed lower on Monday at $2.954.
The EIA Natural Gas Storage Report published last Thursday posted a 7 BCF injection to storage for the week ended August 1 – above the market estimate of an 11 BCF injection. Total working gas in storage was reported as 3,130 BCF; 4.2% below this time last year and 5.9% above the five-year average.
As of 5:55AM this morning in Globex, WTI Crude was down $0.040; Natural Gas was down $0.018; Heating Oil was down $0.011; and Gasoline was up $0.005.
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