Friday, October 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.914, down $0.056 compared to Thursday’s closing price of $2.970. Marking the intraday high of $2.933 within minutes of the opening bell, prices entered the session on a downbeat that would span into the early afternoon. Traders digested the recent storage results and weather forecasts as bears kept a lid on another rally. Reaching the intraday low of $2.839 at 1:25PM, November closed lower on Friday at $2.854.
The EIA Natural Gas Storage Report published last 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 7:15AM EST this morning in Globex, WTI Crude was up $2.05; Natural Gas was down $0.036; Heating Oil was up $0.045, and Gasoline was up $0.026.
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