October NYMEX Natural Gas Futures Contract Closed at $7.996 on Friday, September 9th

Friday, September 9th saw the October NYMEX Natural Gas Futures Contract open at $8.118, twenty cents above Thursday’s closing price of $7.915. Achieving an intraday high of $8.118 within minutes of the open, prices slid over the following ninety minutes to find a bottom at $7.888. Traders seemingly are seeking a balance between fading summer temperatures and below average storage injections as annual storage levels pale in comparison to historical. Trading along $7.980 in the afternoon hours, October closed higher on Friday at $7.996; down 9% on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 54 BCF injection to storage for the week ended September 2 – in line with the market estimate of 52 BCF. Total working gas in storage was reported as 2,694 BCF; 7.6% below this time last year and 11.5% below the five-year average.

As of 6:40AM EST this morning in Globex, WTI Crude was up 86 cents; Natural Gas was up four cents; Heating Oil was up five cents; and Gasoline was up two cents.
 
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