Friday, September 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.376, three cents above Thursday’s closing price of $2.348. Falling to the intraday low of $2.314 ahead of 10:00AM, the contract then posted a strong reversal that would send prices upwards of $2.390 by midday. Supported by tightening balances and the possibility of more production disruptions due to storms in the Gulf, prices rose to record the intraday high of $2.451 at 2:05PM, October closed higher on Friday at $2.434.
The EIA Natural Gas Storage Report published last Thursday showed a 58 BCF injection to storage for the week ended September 13 – in line with the market estimate of a 53 BCF injection. Total working gas in storage was reported as 3,445 BCF; 6.0% above this time last year and 8.6% above the five-year average.
As of 7:20AM EST this morning in Globex, WTI Crude was up 36 cents; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was flat.
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