Tuesday, September 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.523, nearly seven cents below Friday’s closing price of $2.588. Jumping to an intraday high of $2.554 by 9:10AM as pre-session volatility continued past the opening bell, prices then moved decidedly lower. Stabilizing near $2.480 by 10:30AM and trading sideways heading into midday, the contract posted additional losses as the afternoon drew on. Keeping an eye on LNG demand and the possibility of below average demand this fall due to a COVID-19 resurgence, the October contract closed lower on Tuesday at $2.400.
As of 8:30AM EST this morning in Globex, WTI Crude was up 68 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up two cents.
New York basis values were unchanged for all seasons, whereas New England basis values were higher for the coming winter season and unchanged for the following summer months. Additionally, cash prices were higher in New York and New England.
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