Thursday, September 9th saw the front-month NYMEX Natural Gas Futures Contract open at $4.919, slightly above Wednesday’s closing price of $4.914. Losing ground shortly after the opening bell, the contract was trading near $4.870 ahead of the weekly storage publication. Initially falling to an intraday low of $4.820 as the bearish report hit the wire, prices then spiked to a fresh seven-year intraday high of $5.047. Shaking off the bearish storage injection, above-average temperatures, production issues, and storage concerns have kept the current rally afloat. October closed near the day’s high on Thursday at $5.031.
The EIA Natural Gas Storage Report published on Thursday showed a 52 BCF injection to storage for the week ended September 3rd – below the market estimate of 36 BCF. Total working gas in storage was reported as 2,923 BCF; 16.8% below this time last year and 7.4% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up $1.14; Natural Gas was unchanged; Heating Oil was up three cents; and Gasoline was up four cents.
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