Thursday, September 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.512, three cents above Wednesday’s closing price of $2.486. Ascending to an intraday high of $2.567 by 9:40AM, the contract fell to $2.530 ahead of the weekly storage report’s release. Jumping to $2.555 following the report’s publication, prices cascaded lower into the afternoon to tally an intraday low of $2.456 at 1:30PM. The October contract closed nearly flat on Thursday at $2.487.
The EIA Natural Gas Storage Report published on Thursday showed a 35 BCF injection to storage for the week ended August 28th – below the market estimate of 47. Total working gas in storage was reported as 3,455 BCF: 18.4% above this time last year and 13.4% above the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was up three cents; Heating Oil was up one cents; and Gasoline was flat.
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