Friday, September 30th saw the November NYMEX Natural Gas Futures Contract open at $6.879, just above Thursday’s closing price of $6.874. Falling to an intraday low of $6.705 by 9:30AM, prices rallied in the following hour to record the intraday high of $7.044. With cooler temperatures covering much of the country and demand destruction following the path of Hurricane Ian, the contract moved downward from the $6.940 level throughout the afternoon. November closed lower on Friday at $6.766; down nearly 1% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 103 BCF injection to storage for the week ended September 23 – in line with the market estimate of 101 BCF. Total working gas in storage was reported as 2,977 BCF; 5.7% below this time last year and 9.3% below the five-year average.
As of 7:40AM EST this morning in Globex, WTI Crude was up $3.50; Natural Gas was down 20 cents; Heating Oil was up 12 cents; and Gasoline was up 11 cents.
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