Thursday, October 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.729, four cents above Wednesday’s closing price of $2.691. Extending to an intraday high of $2.733 within minutes of the opening bell, selling soon took hold and directed markets lower. Trading along either side of $2.680 from 9:40AM through 10:30AM, a somewhat bearish injection put additional downward pressure on prices. Holding onto the $2.660 level until 12:30PM, the contract then tumbled to an intraday low of $2.606 at 1:40PM. December closed lower on Thursday at $2.633.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF injection to storage for the week ended October 25th – below the market estimate of 91 BCF. Total working gas in storage was reported at 3,695 BCF: 17.8% above this time last year and 1.4% above the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was up 56 cents; Natural Gas was down two cents; Heating Oil was up two cents; and Gasoline was up two cents.
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