Tuesday, August 16th saw the September NYMEX Natural Gas Futures Contract open at $9.266, fifty-four cents above Monday’s closing price $8.728. Trading within a forty-cent range throughout the day as weather forecasts remain unchanged, analysts pointed to a decline in production as the main catalyst. Marking the intraday low of $9.026 at 11:15AM, prices then rose to achieve a two-month intraday high of $9.388 ahead of 2:30PM. September closed higher on Tuesday at $9.329.
The Market Report will be on hiatus from Thursday, August 18 through Friday, August 19.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 29 BCF injection to storage for the week ended August 5. This compares to a 46 BCF injection at this time last year and a five-year average injection amount of 47 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 57 cents; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up three cents.
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