Wednesday, October 26th saw the November NYMEX Natural Gas Futures Contract open at $5.380, twenty-three cents below Tuesday’s closing price of $5.613. Marking the intraday low of $5.347 within minutes of the open, the contract reclaimed the $5.550 level by 10:30AM after the pre-session sell-off. November rose to an intraday high of $5.660 ahead of 2:30PM, closing slightly lower on Wednesday at $5.606.
Similarly, the more-actively traded December contract started the day in the red and posted a steady recovery. Marking an intraday high of $6.180 at 10:45AM, November closed lower at $6.119.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 58 BCF injection to storage for the week ended October 21. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 66 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up 41 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was down slightly.
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