Wednesday, October 12th saw the November NYMEX Natural Gas Futures Contract open at $6.735, fourteen cents above Tuesday’s closing price of $6.596. Marking the intraday high of $6.763 by 9:30AM, the contract then began a steady that would span the day. Bearish temperatures, another massive, expected storage injection, and shrinking deficit have left the market deflated despite the ongoing energy crisis in Europe. Reaching an intraday low of $6.399 at 2:15PM, November closed lower on Wednesday at $6.435.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 136 BCF injection to storage for the week ended October 7. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 82 BCF.
As of 7:35AM EST this morning in Globex, WTI Crude was up 18 cents; Natural Gas was up 12 cents; Heating Oil was up eight cents; and Gasoline was up eleven cents.
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