Thursday, September 11th saw the front-month NYMEX Natural Gas contract open at $3.002, $0.027 below Wednesday’s closing price of $3.029. Ascending to the intraday high of $3.038 in the minutes leading up to the weekly storage publication, prices then withdrew as the weekly injection fell on the high side of expectations. With continued weak LNG demand, bearish sentiment dominated the balance of the session. Marking the intraday low of $2.931 at 2:25PM, October closed lower on Thursday at $2.934.
The EIA Natural Gas Storage Report published on Thursday posted a 71 BCF injection to storage for the week ended September 5 – above the market estimate of a 66 BCF injection. Total working gas in storage was reported as 3,343 BCF; 1.1% below this time last year and 6.0% above the five-year average.
As of 7:15AM this morning in Globex, WTI Crude was down $0.700; Natural Gas was down $0.015; Heating Oil was up $0.041; and Gasoline was up $0.022.
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