Monday, September 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.500, $0.066 above Friday’s closing price of $2.434. Supported by another tropical storm that will soon enter the Gulf of Mexico, the contract pulled back momentarily to mark an intraday low of $2.486 at 9:30 before surging higher. The threat of further disruptions to production left traders rattled as prices rose to $2.608 at 11:30 and a near three-month intraday high of $2.617 at 2:25PM. October closed higher on Monday at $2.613.
The EIA Natural Gas Storage Report published last Thursday showed a 58 BCF injection to storage for the week ended September 13 – in line with the market estimate of a 53 BCF injection. Total working gas in storage was reported as 3,445 BCF; 6.0% above this time last year and 8.6% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was up $1.55; Natural Gas was up four cents; Heating Oil was up five cents; and Gasoline was up four cents.
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