Thursday, October 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.621, down $0.039 compared to Wednesday’s closing price of $2.660. Trudging upward to stabilize near $2.635 ahead of the weekly storage publication, prices dipped to the intraday low of $2.596 as the somewhat bearish report hit the wire. Regaining its footing soon thereafter, traders seem to shrug off the demand destruction wrought by Hurricane Milton as it moved out to sea Thursday morning. Ascending to an intraday high of $2.700 by 12:55PM, November closed higher on Thursday at $2.675.
The EIA Natural Gas Storage Report published on Thursday showed an 82 BCF injection to storage for the week ended October 4 – above the market estimate of a 76 BCF injection. Total working gas in storage was reported as 3,629 BCF; 3.5% above this time last year and 5.1% above the five-year average.
As of 7:10AM this morning in Globex, WTI Crude was down $0.650; Natural Gas was up $0.021; Heating Oil was down $0.021, and Gasoline was down $0.016.
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