Thursday, September 8th saw the October NYMEX Natural Gas Futures Contract open at $7.835, slightly below Wednesday’s closing price of $7.842. Tallying the intraday low of $7.830 early on, prices were trade along either side of the $7.960 level in the hour leading up to the weekly storage publication. Marking an intraday high of $8.064 as the report hit the wire, the contract retreated to find support near $7.920 throughout the afternoon. October closed higher on Thursday at $7.915.
The EIA Natural Gas Storage Report published on Thursday showed a 54 BCF injection to storage for the week ended September 2 – in line with the market estimate of 52 BCF. Total working gas in storage was reported as 2,694 BCF; 7.6% below this time last year and 11.5% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up $1.56; Natural Gas was up 22 cents; Heating Oil was up one cent; and Gasoline was up four cents.
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