August 17, 2023
Wednesday, August 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.631, three cents below Tuesday’s closing price of $2.659. Once again marking the intraday high within minutes of the open, prices retreated from the opening mark as cooling demand is forecasted to decline to close out the month. Bottoming out at an intraday low of $2.568 at 11:05AM, the contract plodded cautiously higher throughout the afternoon as September closed lower on Wednesday at $2.592.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 39 BCF injection to storage for the week ended August 11. This compares to an 18 BCF injection at this time last year and a five-year average injection amount of 41 BCF.
As of 7:45 AM EST this morning in Globex, WTI Crude was up 70 cents; Natural Gas was down slightly; Heating Oil was up six cents; and Gasoline was down slightly.
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