Friday, August 28th saw the front-month NYMEX Natural Gas contract open at $2.844, $0.070 below Thursday’s closing price of $2.914. Recording the intraday low as markets opened and the intraday high of $2.907 at 9:25AM, the approaching shoulder month drove prices lower overnight. Trading within a narrow band near $2.875 for the balance of the day, October closed lower on Friday at $2.888; up 2.7% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 15 BCF injection to storage for the week ended August 21 – in line with the market estimate of 15 BCF. Working gas in storage was reported as 3,184 BCF; 0.9% below this time last year and 5.5% above the five-year average.
In Globex, as of 6:15AM this morning, WTI Crude was up $3.190; Natural Gas was up $0.010; Heating Oil was up $0.090; and Gasoline was flat.
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