October NYMEX Natural Gas Futures Contract Closed at $2.222 on Wednesday, August 28th

On Wednesday, August 28th – settlement day for the September contract – the front-month NYMEX Natural Gas Futures Contract opened at $2.235, three cents above Tuesday’s closing price of $2.202. Jumping to the $2.27 level within minutes of opening, the contract managed a staggered ascent to reach an intraday high of $2.277 by 10:50AM. Shedding a penny and trading sideways into 12:30PM, prices then began a steady descent until finding the intraday low of $2.229 at 2:20PM. September settled higher on Wednesday at $2.251. Primed to take over the front-month position, the October contract closed three cents higher at $2.222.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 60 BCF injection to storage for the week ended August 23rd. This compares to a 69 BCF injection at this time last year and a five-year average injection amount of 57 BCF.

As of 8:35AM EST this morning in Globex, WTI Crude was up 48 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was unchanged.

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