Tuesday, September 8th saw the front-month NYMEX Natural Gas contract open at $2.955, $0.020 below Friday’s closing price of $2.975. Recording the intraday high of $2.979 by 9:05AM, prices then arced gradually lower into the morning as traders focus on the impending shoulder season and fading cooling demand. Marking the intraday low of $2.863 at 12:25PM, the contract mounted a recovery effort to close out the session as October closed lower on Tuesday at $2.916.
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 6:35AM this morning, WTI Crude was up $2.180; Natural Gas was down $0.032; Heating Oil was up $0.170; and Gasoline was up $0.036.
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