Tuesday, August 24th saw the front-month NYMEX Natural Gas Futures Contract open at $3.917, three cents below Monday’s closing price of $3.945. Attaining an intraday high of $3.944 by 9:20AM, the contract traded along either side of $3.910 for the majority of the day. Traders are currently trying to balance above-average cooling demand while production also picks up. Falling to an intraday low of $3.844 at 1:30PM, September closed lower on Tuesday at $3.896.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 37 BCF injection to storage for the week ended August 20th. This compares to a 45 BCF injection at this time last year and a five-year average injection amount of 44 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up 21 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline up two cents.
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