Thursday, August 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.418, a penny below Wednesday’s closing price of $2.426. Finding support near $2.410 throughout the session’s opening ninety minutes, prices plunged to $2.367 as the weekly storage report was published. Recovering to achieve an intraday high of $2.428 ahead of 11:00AM, bearish trading dominated the balance of the day. Tallying an intraday low of $2.345 at 2:10PM, September closed lower on Thursday at $2.352.
The EIA Natural Gas Storage Report published on Thursday showed a 43 BCF injection to storage for the week ended August 14th – in line with the market estimate of 45. Total working gas in storage was reported as 3,375 BCF: 21.4% above this time last year and 15.1% above the five-year average.
As of 8:05AM EST this morning in Globex, WTI Crude was down 62 cents; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was down one cent.
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