Thursday, September 7th – saw the front-month NYMEX Natural Gas Futures Contracts open at $3.017, two cents above Wednesday’s closing price of $3.000. Extending to the intraday high of $3.027 shortly after 9:00AM, prices slid to $2.990 by 9:30AM and held steady for the following hour. Initially jumping higher to $3.015 as the storage report was released, the contract soon tumbled further to reach the intraday low of $2.968 at 11:00AM. Narrowing its sights by noon to trade near $2.980, the afternoon witnessed little change as October closed lower on Thursday at $2.981.
The EIA Natural Gas Storage Report published on Thursday showed a 65 BCF injection to storage for the week ended September 1st – above the market estimate of 62 BCF. Total working gas in storage was reported as 3,220 BCF; 6.2% below this time last year and 0.5% above the five-year average.
This morning in Globex, WTI Crude was down eight cents; Natural Gas was down two cents; Heating Oil was up one cent; and, Gasoline was up slightly. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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