Thursday, September 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.183, eight cents below Wednesday’s closing price of $2.267. Falling dramatically in the day’s opening hour, prices stabilized near $2.085 by 10:00AM and traded sideways into the weekly storage report’s release. Plummeting further as the bearish report hit the wire, the contract sank to a six-week intraday low of $2.003 by 11:00AM. Markets surged higher in early August as demand rose and active hurricanes in the Gulf of Mexico threatened production. Without any major storms on the horizon and seasonal temperatures settling in, we’ll see if traders deem the contract to be oversold today. The October contract closed 10% lower on Thursday at $2.042.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF injection to storage for the week ended September 11th – above the market estimate of 79. Total working gas in storage was reported as 3,614 BCF: 17.4% above this time last year and 13.2% above the five-year average.
As of 8:40AM EST this morning in Globex, WTI Crude was down 17 cents; Natural Gas was down six cents;
Heating Oil was down slightly; and Gasoline was down slightly
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