Thursday, August 21st saw the front-month NYMEX Natural Gas contract open at $2.790, $0.038 below Wednesday’s closing price of $2.752. Recording the intraday low of $2.775 by 9:05AM, the contract added two cents to trade sideways along $2.795 leading up to the weekly storage publication. Landing on the low side of market expectations, prices then trended higher to reach an intraday high of $2.849 at 11:35AM. Stabilizing near $2.830 throughout the afternoon, September closed higher on Thursday at $2.826.
The EIA Natural Gas Storage Report published on Thursday posted a 13 BCF injection to storage for the week ended August 15 – in line with the market estimate of an 18 BCF injection. Total working gas in storage was reported as 3,199 BCF; 2.9% below this time last year and 5.8% above the five-year average.
As of 9:00AM this morning in Globex, WTI Crude was up $0.040; Natural Gas was down $0.006; Heating Oil was down $0.012; and Gasoline was down $0.002.
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