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Daily Prices

8/30/24

Natural Gas Futures Tumble on Larger-Than-Expected Storage Build

By Jodi Shafto

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Published in: Daily Gas Price Index Filed under:

Responding to the latest storage print for the week ended Aug. 16, natural gas futures moved lower Thursday as a relatively large injection foiled the recent pace of tightening supply.

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The September Nymex contract was down 8.3 cents to $2.094/MMBtu ahead of the 10:30 a.m. ET government report. Prompt month futures slid as the data hit the screens to a $2.049 low. By 11 a.m. ET, the contract was trading down 12.7 cents at $2.050.

The U.S. Energy Information Administration (EIA) data outlined a 35 Bcf build to storage facilities across the Lower 48. The injection was at the high end of estimates.

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Jodi Shafto

Jodi Shafto joined NGI as a Senior Natural Gas Reporter in October 2023. Before that, she was a business news reporter for South Carolina's largest daily newspaper, The Post and Courier, and was a Senior Energy Markets Reporter at S&P Global Market Intelligence. Based out of Charleston, Jodi has covered US energy markets since 2005 as a reporter, editor and analyst. A New Jersey native, she holds a BS in Journalism from Bowling Green State University.