October NYMEX Natural Gas Futures Contract Closed at $2.608 on Monday, September 11th

Market Insights
Natural Gas
September 12, 2023
Monday, September 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.595, a penny below Friday’s closing price of $2.605. Seeking direction in the session’s opening hour, prices recorded the intraday low of $2.577 at 9:25AM and the intraday high of $2.639 at 9:50AM. Weighing comfortable shoulder-month weather conditions against two bullish injections in the last three weeks, the contract traded sideways along $2.610 for the balance of the day. October closed nearly flat on Monday at $2.608.

The EIA Natural Gas Storage Report published last Thursday showed a 33 BCF injection to storage for the week ended September 1 – below the market estimate of 41 BCF. Total working gas in storage was reported as 3,148 BCF; 17.2% above this time last year and 7.6% above the five-year average.

As of 6:30AM EST this morning in Globex, WTI Crude was up 74 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was up one cent.
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