Thursday, October 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.264, nearly two cents above Wednesday’s closing price of $2.247. Withdrawing to $2.235 by 9:10AM, prices floated along this mark into 10:30AM when the larger than expected storage injection was released. Initially sinking to a five-week intraday low of $2.207 as the EIA publication hit the wire, the contract then rose to surpass the $2.26 level despite the bearish news. Posting a staggered ascent into the afternoon, prices surpassed $2.295 by 12:30PM and rallied to an intraday high of $2.349 at 2:00PM. November closed higher on Thursday at $2.329.
The EIA Natural Gas Storage Report published on Thursday showed a 112 BCF injection to storage week ended September 27th – just above the market estimate of 110 BCF. Total working gas in storage was reported at 3,317 BCF: 16.3% above this time last year and 0.5% below the five-year average.
As of 9:00AM EST this morning in Globex, WTI Crude was up 77 cents; Natural Gas was down five cents; Heating Oil was up three cents; and Gasoline was up three cents.
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