Thursday, November 1st saw the front-month NYMEX Natural Gas Futures Contracts open at $3.277, nearly two cents above Wednesday’s closing price of $3.261. Ascending to trade along either side of $3.285 through 10:30AM, a lower than expected storage injection temporarily sent prices to the intraday high of $3.295 before tumbling lower. Looking for stability by 11:00AM, uncertain forecasts in the short-term induced volatility as prices traded within a two-cent range of the $3.240 mark for the majority of the day. Marking the intraday low of $3.216 ahead of 1:00PM, December closed lower on Thursday at $3.237.
The EIA Natural Gas Storage Report published on Thursday showed a 48 BCF injection to storage for the week ended October 26th – below the market estimate of 53 BCF. Total working gas in storage was reported as 3,143 BCF; 16.5% below this time last year and 16.9% below the five-year average.
This morning in Globex, WTI Crude was down 27 cents; Natural Gas was down five cents; Heating Oil was down one cent; and Gasoline was down slightly.
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