Thursday, October 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.939, up $0.053 compared to Wednesday’s closing price of $2.886. Continuing its pre-opening momentum, prices rose to stabilize near $2.970 leading up to the weekly storage release. Extending to tally the intraday high of $2.988 as the historically bullish report hit the wire, the contract withdrew in the following hour to reach an intraday low of $2.929 ahead of midday. Buoyed by updated forecasts for a more seasonal winter, prices traded sideways near $2.965 into the afternoon. November closed higher on Thursday at $2.970.
The EIA Natural Gas Storage Report published on Thursday showed a 55 BCF injection to storage for the week ended September 27 – in line with the market estimate of a 52 BCF injection. Total working gas in storage was reported as 3,547 BCF; 3.7% above this time last year and 5.7% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was up $1.01; Natural Gas was flat; Heating Oil was up $0.034; and Gasoline was up $0.025.
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