Thursday, August 17th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.884, nearly a penny below Wednesday’s closing price of $2.890. Fluctuating along the $2.88 mark through 10:30AM, prices plunged to the intraday low of $2.856 as the storage report hit the wire. Surging higher in the following minutes as traders digested the revised storage publication, the contract then rose confidently into the afternoon. Marking the intraday high of $2.939 at 2:00PM, September closed higher on Thursday at $2.929.
The EIA Natural Gas Storage Report published on Thursday showed a 53 BCF injection to storage for the week ended August 11th – above the market estimate of 50 BCF. This injection amount reflects a revision to prior submissions of data where working gas has been restated as base gas; revising last week’s total storage down from 3,038 to 3,029. Total working gas in storage was reported as 3,082 BCF; 7.6% below this time last year and 1.8% above the five-year average.
This morning in Globex, WTI Crude was up 15 cents; Natural Gas was down two cents; Heating Oil was up slightly; and, Gasoline was up one cent. Additionally, cash prices were higher in New York and lower in New England.
Natural Gas Glossary
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