Thursday, September 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.431, a penny below Wednesday’s closing price of $2.445. Following a jump above $2.450 as markets opened, the contract then stabilized along $2.425 where it stayed until the weekly storage publication at 10:30AM. Falling to an intraday low of $2.388 as the bearish report hit the wire, those fueling the recent rally were quick to step in and drive prices to an intraday high of $2.462 at midday. Trading along either side of $2.430 for the majority of the afternoon, October closed lower on Thursday at $2.435.
The EIA Natural Gas Storage Report published on Thursday showed an 84 BCF injection to storage week ended August 30th – above the market estimate of 76 BCF. Total working gas in storage was reported at 2,941 BCF; 15.0% above this time last year and 2.7% below the five-year average.
As of 8:40AM EST this morning in Globex, WTI Crude was down 92 cents; Natural Gas was down two cents; Heating Oil was down three cents; and Gasoline was down three cents.
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