Wednesday, September 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.471, three cents below Tuesday’s closing price of $2.503. Touching down to a near three-week intraday low of $2.455 by 9:30AM, markets soon reversed direction and rallied to an intraday high of $2.519 by 11:40AM. With varying weather systems moving through the South and the Midwest, and the October contract settling today, prices stabilized near $2.500 throughout the afternoon. October closed nearly unchanged on Wednesday at $2.502, while the more actively traded November contract finished down slightly at $2.518.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 92 BCF injection to storage for the week ended September 20th. This compares to a 46 BCF injection at this time last year and a five-year average injection amount of 74 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was down 42 cents; Natural Gas was up two cents; Heating Oil was down slightly; and Gasoline was up slightly.
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