October NYMEX Natural Gas Futures Contract Closed at $4.615 on Wednesday, September 1st

Market Insights
Natural Gas
September 2, 2021
Wednesday, September 1st saw the front-month NYMEX Natural Gas Futures Contract open at $4.462, nine cents above Tuesday’s closing price of $4.377. Marking an intraday low of $4.442 by 9:10AM, prices soon broke-out to the upside as production concerns persist in the wake of Hurricane Ida.  Surpassing $4.550 by 10:00AM, the contract surged higher throughout the day to attain a fresh multi-year intraday high of $4.706 at 1:30PM. October closed higher on Wednesday at $4.615.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 32 BCF injection to storage for the week ended August 27th.  This compares to a 35 BCF injection at this time last year and a five-year average injection amount of 53 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up 46 cents; Natural Gas was up six cents; Heating Oil was up one cent; and Gasoline was up two cents.
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