Thursday, August 16th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.938, nearly even to Wednesday’s closing price of $2.940. Extending to the intraday high of $2.949 by 9:20AM, prices then sloped downward to the $2.930 level and awaited the 10:30AM storage release. Plummeting to a one week intraday low of $2.891, despite the report falling largely in line with market expectations, the below average injection left bullish traders disappointed. Mounting a modest recovery into the afternoon, September closed lower on Thursday at $2.908.
The EIA Natural Gas Storage Report published on Thursday showed a 33 BCF injection to storage for the week ended August 10th – above the market estimate of 29 BCF. Total working gas in storage was reported as 2,387 BCF; 22.3% below this time last year and 20.0% below the five-year average.
This morning in Globex, WTI Crude was up 72 cents; Natural Gas was up three cents; Heating Oil was up three cents; and, Gasoline was up two cents.
Natural Gas Glossary
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