Tuesday, August 30th saw the October NYMEX Natural Gas Futures Contract open at $9.173, sixteen cents below Monday’s closing price of $9.336. Falling to an intraday low of $8.933 by 9:45AM, an overnight drop in expect cooling degree days took the wind out of the prior session’s momentum. Climbing to an intraday high of $9.207 ahead of midday, the contract moved sideways into the afternoon. October closed lower on Tuesday at $9.042.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 57 BCF injection to storage for the week ended August 26. This compares to a 20 BCF injection at this time last year and a five-year average injection amount of 46 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was down $3.27; Natural Gas was down four cents; Heating Oil was down eight cents; and Gasoline was down ten cents.
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