The September 2020 NYMEX natural gas contract settled at $2.579/MMBtu yesterday. Also, yesterday’s natural gas closing price was the highest since November 22, 2019! Attached is the updated Natural Gas NYMEX Settlement Prices history. This continuous rise upward in natural gas prices yesterday was fueled in part by the natural gas storage injection at 45 BCF, which was below the forecasted injection of 46 BCF and below the 5 year average of 49 BCF for this same week.
Weather forecasts continue to also impact pricing. The late summer heat supports the higher prices along with concerns as to when the rigs would come back online after Hurricane Laura’s landfall earlier this week.
Today, the October 2020 natural gas contract traded as high as $2.743/MMBtu.
It will be another interesting week to see whether the continuous climb in natural gas prices continues.