Today was a major reversal day for natural gas, with all contracts moving downwards and offsetting yesterday’s moves. The prompt month NYMEX October contract settled down US$0.79/MMBtu at $8.324. The U.S. freight union has reached a tentative agreement, which has allowed for yesterday’s fear of increased natural gas demand and storage deficits to be erased. On the topic of storage, today marked another EIA release. The industry estimate consensus came in at 72 Bcf, but the actual number came in at 77 Bcf for the week ending September 9th, 2022. This resulted in a slight bounce up though until $8.50 until 1PM, but the market ultimately has trended further down. ~CL

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