Thursday, September 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.192, five cents above Wednesday’s closing price of $2.145. Recording the intraday low of $2.188 within minutes of the opening bell, the contract was trading along $2.215 leading up to the weekly storage publication. Jumping to the $2.275 level as the bullish report hit the wire, waning production figures also bolstered support. Recording the intraday high of $2.286 at 1:45PM, October closed higher on Thursday at $2.254.
The EIA Natural Gas Storage Report published last Thursday showed a 13 BCF injection to storage for the week ended August 30 – below the market estimate of a 28 BCF injection. Total working gas in storage was reported as 3,347 BCF; 6.6% above this time last year and 10.7% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up eight cents; Natural Gas was up three cents; Heating Oil was flat; and Gasoline was up one cent.
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