Monday, September 8th saw the front-month NYMEX Natural Gas contract open at $3.140, $0.092 above Friday’s closing price of $3.048. Recording a seven-week intraday high of $3.198 ahead of 9:15AM, prices got a nice boost over the weekend as the threat of a possible tropical faded. Trending lower through the morning as fundamentals remain bearish, the contract tallied the intraday low of $3.077 at 12:50PM. October closed higher on Monday at $3.090.
The EIA Natural Gas Storage Report published last Thursday posted a 55 BCF injection to storage for the week ended August 29 – in line with the market estimate of a 56 BCF injection. Total working gas in storage was reported as 3,272 BCF; 2.2% below this time last year and 5.6% above the five-year average.
As of 7:25AM this morning in Globex, WTI Crude was up $0.500; Natural Gas was up $0.067; Heating Oil was up $0.038; and Gasoline was up $0.024.
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