December NYMEX Natural Gas Futures Contract Closed at $6.355 on Monday, October 31st

Monday, October 31st saw the December NYMEX Natural Gas Futures Contract open at $6.299, sixty-two cents above Friday’s closing price of $5.684. Ascending to an intraday high of $6.375 near 10:00AM, a bullish shift to overnight forecasts saw more seasonal temperatures moving in by mid-month. This ascent was likely exacerbated by some traders getting forced out short positions. Tallying the intraday low of $6.084 at 11:45AM, December reclaimed the $6.300 later in the session to close higher on Monday at $6.355.

The EIA Natural Gas Storage Report published on Thursday showed a 52 BCF injection to storage for the week ended October 21 – below the market estimate of 58 BCF. Total working gas in storage was reported as 3,394 BCF; 4.0% below this time last year and 5.5% below the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was up $1.49; Natural Gas was down 24 cents; Heating Oil was up one cent; and Gasoline was up five cents.

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