Thursday, September 21st, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.061, three cents below Wednesday’s closing price of $3.094. Entering the market with a bout of selling, prices quickly tumbled to $3.025 where traders then awaited the 10:30AM storage report. Descending rapidly below $3.00 as the larger-than-expected storage injection was published, the contract withdrew to $2.965 by midday. Despite forecasts for above-normal temperatures lasting into next week, October fell to the intraday low of $2.942 before closing down on Thursday at $2.946.
The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended September 15th – above the market estimate of 90 BCF. Total working gas in storage was reported as 3,408 BCF; 3.8% below this time last year and 2.0% above the five-year average.
This morning in Globex, WTI Crude was down 15 cents; Natural Gas was up slightly; Heating Oil was down slightly; and, Gasoline was up one cent. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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