Thursday, September 3rd saw the front-month NYMEX Natural Gas contract open at $2.974, $0.018 above Wednesday’s closing price of $2.956. Hovering near $2.985 leading up to the weekly storage publication, prices momentarily jumped to the intraday high of $3.005 at the report the wire, only to plummet minutes later. The contract fell to an intraday low of $2.885 at 11:30AM, despite the injection meeting expectations, analysts attributed the decline to profit taking. Posting a recovery effort to reclaim $2.960 ahead of 1:30PM, October ultimately closed lower on Thursday at $2.913.
The EIA Natural Gas Storage Report published last Thursday posted a 30 BCF injection to storage for the week ended August 28 – in line with the market estimate of 31 BCF. Working gas in storage was reported as 3,214 BCF; 1.5% below this time last year and 5.2% above the five-year average.
In Globex, as of 7:25AM this morning, WTI Crude was down $0.700; Natural Gas was up $0.013; Heating Oil was down $0.053; and Gasoline was down $0.030
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