Wednesday, September 17th saw the front-month NYMEX Natural Gas contract open at $3.149, $0.046 above Tuesday’s closing price of $3.103. Recording the intraday high of $3.168 at 9:45AM as recent fundamentals held overnight, prices then trended lower, possibly indicating a shift of focus to the upcoming storage report. Stabilizing near $3.080 through the afternoon, the contract marked an intraday low of $3.074 at 12:25PM, as October closed marginally lower on Wednesday at $3.100.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show an 83 BCF injection to storage for the week ended September 12. This compares to a 58 BCF injection this time last year and a five-year average injection amount of 74 BCF.
As of 7:15AM this morning in Globex, WTI Crude was up $0.070; Natural Gas was down $0.016; Heating Oil was down $0.008; and Gasoline was down $0.011.
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