Tuesday, September 9th saw the front-month NYMEX Natural Gas contract open at $3.112, $0.022 above Monday’s closing price of $3.090. Achieving the intraday high of $3.133 by 9:35AM, prices hovered near the $3.115 level through 10:30AM. Marking the intraday low of $3.046 at 11:45AM and again at 12:35PM, the contract rebounded into the afternoon as traders focused on additional cooling demand in the latest forecasts. Climbing higher as close drew near, October finished higher on Tuesday at $3.117.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended September 5. This compares to a 40 BCF injection this time last year and a five-year average injection amount of 56 BCF.
As of 6:15AM this morning in Globex, WTI Crude was up $0.430; Natural Gas was down $0.019; Heating Oil was up $0.005; and Gasoline was up $0.002.
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