Thursday, September 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.621, nearly two cents below Wednesday’s closing price of $2.637. Descending from the intraday high of $2.627 soon after markets opened, prices found support near $2.590 by 9:30AM and traded sideways until the weekly storage release an hour later. Plunging to the $2.550 level as the injection came in higher than traders’ expectations, ranging from 72 BCF to 85 BCF, the contract fell to an intraday low of $2.530 at 12:20PM. Unable to recover from this selloff, October closed lower on Thursday at $2.538.
The EIA Natural Gas Storage Report published on Thursday showed an 84 BCF injection to storage week ended September 13th – just above the market estimate of 82 BCF. Total working gas in storage was reported at 3,103 BCF: 14.5% above this time last year and 2.4% below the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was up 51 cents; Natural Gas was up two cents; Heating Oil and Gasoline were unchanged.
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