Wednesday, September 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.691, roughly two cents above Tuesday’s closing price of $2.668. Peaking at the intraday high of $2.691 as the opening bell rang, mar-kets were quick to slip downward. Stepping lower to $2.655 by 10:00AM, $2.635 an hour later, and an intraday low of $2.603 by 12:40PM, this downfall could be attributed to position squaring ahead of today’s EIA Storage Report or tensions calming in Saudi Arabia related to the recent bombing. October closed lower on Wednesday at $2.637.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 82 BCF injec-tion to storage for the week ended September 13th. This compares to an 86 BCF injection at this time last year and a five-year average injection amount of 82 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.14; Natural Gas was down two cents; Heating Oil was up four cents; and Gasoline was up five cents.
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