Monday, September 15th saw the front-month NYMEX Natural Gas contract open at $2.938, $0.003 below Friday’s closing price of $2.941. Recording the intraday low of $2.929 shortly after the opening bell, prices moved steadily higher throughout the morning as updated forecasts are calling for increased cooling demand. Overlooking stout storage levels and steady production, the contract rose to tally the intraday high of $3.047 at 2:25PM. October closed higher on Monday at $3.043.
The EIA Natural Gas Storage Report published last Thursday posted a 71 BCF injection to storage for the week ended September 5 – above the market estimate of a 66 BCF injection. Total working gas in storage was reported as 3,343 BCF; 1.1% below this time last year and 6.0% above the five-year average.
As of 7:35AM this morning in Globex, WTI Crude was up $0.450; Natural Gas was up $0.031; Heating Oil was up $0.030; and Gasoline was up $0.012.
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