October NYMEX Natural Gas Futures Contract Closed at $4.914 on Wednesday, September 8th

Wednesday, September 8th saw the front-month NYMEX Natural Gas Futures Contract open at $4.655, nine cents above Tuesday’s closing price of $4.568. Marking the intraday low of $4.649 at 9:15AM, prices then surged higher as shut-ins persist and new storms are threatening. Reaching $4.877 by 9:20AM, the contract continued upward until reaching a seven year intraday high of $5.010.  Posting a staggered decent throughout the day, October closed higher on Wednesday at $4.914.
 
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 36 BCF injection to storage for the week ended August 27th.  This compares to a 70 BCF injection at this time last year and a five-year average injection amount of 65 BCF.
 
As of 6:50AM EST this morning in Globex, WTI Crude was up 15 cents; Natural Gas was up three cents; Heating Oil was unchanged; and Gasoline was up one cent.
 
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