On Thursday, August 29th – the October NYMEX Natural Gas Futures Contracts began trading as the prompt month. Opening at $2.888, two cents above Wednesday’s closing price of $2.863, the contract slid gradually lower to the $2.87 level as the 10:30AM storage report drew near. Falling to the intraday low of $2.841 as the weekly injection hit the wire, the contract worked to recover over the next hour as some estimates for the injection were only in the high 50’s. Crossing midday near $2.870, October posted a staggered climb into the afternoon to close higher on Thursday at $2.874.
The EIA Natural Gas Storage Report published on Thursday showed a 70 BCF injection to storage for the week ended August 24th – above the market estimate of 67 BCF. Total working gas in storage was reported as 2,505 BCF; 20.5% below this time last year and 19.0% below the five-year average.
This morning in Globex, WTI Crude was down 25 cents; Natural Gas was up four cents; Heating Oil down one cent; and, Gasoline was up slightly.
Natural Gas Glossary
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