October NYMEX Natural Gas Futures Contract Closed at $4.805 on Tuesday, September 21st

Tuesday, September 21st saw the front-month NYMEX Natural Gas Futures Contract open at $4.923, six cents below Friday’s closing price of $4.985. Marking an intraday high of $4.946 within minutes of the opening bell, prices declined steadily throughout the morning as comfortable temperatures settle in for most of the country. Crossing 10:00AM near $4.860 and marking an intraday low of $4.735 just ahead of midday, prices managed a modest recovery through the afternoon. With storage levels remaining low and LNG demand high, we could see another run at the $5.00 level this winter. Closing lower for the fourth consecutive day, October finished at $4.805 on Tuesday.
 
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF injection to storage for the week ended September 17th. This compares to a 66 BCF injection at this time last year and a five-year average injection amount of 74 BCF.
 
As of 7:00AM EST this morning in Globex, WTI Crude was up $1.05; Natural Gas was down slightly; Heating Oil was up two cents; and Gasoline was up three cents. 
 
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