Wednesday, August 31st saw the October NYMEX Natural Gas Futures Contract open at $8.992, five cents below Tuesday’s closing price of $9.042. Trailing downward to mark the intraday low of $8.814 by 9:15AM, prices then began a steady ascent as bullish traders found value in the recently diminished contract. It’s also worth noting that the EU is on track to fill gas reserves up to the 80% mark by November. Tallying the intraday high of $9.284 at 1:35PM, October proceeded to close higher on Wednesday at $9.127.
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 7:15AM EST this morning in Globex, WTI Crude was down $1.85 cents; Natural Gas was down seven cents; Heating Oil was down 18 cents; and Gasoline was down six cents.
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