Friday, October 21st saw the November NYMEX Natural Gas Futures Contract open at $5.383, six cents below Wednesday’s closing price of $5.358. Peaking at an intraday high of $5.127 within minutes of the open, prices hung around the $5.075 level before trending lower ahead of 10:00AM. Getting knocked down overnight by the persistently bearish forecasts, the contract sank further into the day to reach a seven-month intraday low of $4.093 at 12:15PM. Regaining some ground late in the day, November closed lower on Friday at $4.959; down roughly 23% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 111 BCF injection to storage for the week ended October 14 – above the market estimate of 105 BCF. Total working gas in storage was reported as 3,342 BCF; 3.1% below this time last year and 5.2% below the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was down 81 cents; Natural Gas was down 17 cents; Heating Oil was up two cents; and Gasoline was down four cents.
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