Tuesday, October 5th saw the front-month NYMEX Natural Gas Futures Contract open at $6.046, twenty-eight cents above Monday’s closing price of $5.766. Marking the intraday low of $6.000 minutes after the opening bell, prices moved confidently higher throughout the day. Despite mild domestic demand during this shoulder month, global supply concerns continued to prop up the contract as prices crossed midday near $6.165 and continued to a thirteen-year intraday high of $6.392 at 1:30PM. November closed higher on Tuesday at $6.312, up 9% on the day.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 107 BCF injection to storage for the week ended October 1st. This compares to a 75 BCF injection at this time last year and a five-year average injection amount of 81 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was down 21 cents; Natural Gas was up nine cents; Heating Oil was up one cent; and Gasoline was down one cent.
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