NYMEX Natural Gas Futures Contract Aug23 prompt month settlement -US$0.087/MMBtu at $2.545, low of $2.539, high of $2.666, traded range of $0.127. Summer 23 -$0.068 at $2.569, Winter 23 -$0.03 at $3.467.
Market Fundamentals Bears have officially taken over the market again as gas prices continue to fall. In terms of driving news, the EIA storage number was released today showing an injection of 49 Bcf, which was in line with estimates. Regardless, the downward momentum is hard to stop once started and prices fell to below $2.60. The surplus in storage continues to ease any supply fears for the winter of 2023 and beyond, especially with talk around a potentially warm winter taking inventories even higher.