October NYMEX Natural Gas Futures Contract Closed at $5.460 on Wednesday, September 15th

Wednesday, September 15th saw the front-month NYMEX Natural Gas Futures Contract open at $5.468, twenty-one cents above Tuesday’s closing price of $5.260.  Surging higher out of the gate to continue the pre-session rally, prices soared to a fresh seven-year intraday high of $5.950 at 9:45AM.  Posting a sharp decline to mark an intraday low of $5.305 at 11:55AM, low inventory levels continue to worry traders as winter draws near and we’re still in the middle of hurricane season, which could further disrupt production.  October closed higher on Wednesday at $5.460.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 74 BCF injection to storage for the week ended September 10th.  This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 79 BCF.

As of 6:30AM EST this morning in Globex, WTI Crude was down 13 cents; Natural Gas was down 11 cents; Heating Oil was down one cent; and Gasoline was up slightly.

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