Monday, October 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.280, up $0.022 compared to Friday’s closing price of $2.258. Slipping to an intraday low of $2.270 by 9:25AM as overnight forecasts removed additional demand from the forecast, bulls then helped to stop the bleeding as the contract had crossed into oversold territory. A supportive midday forecast update helped prices jump to an intraday high of $2.342 at 11:20AM. Trading sideways into the afternoon, November closed higher on Monday at $2.312.
The EIA Natural Gas Storage Report published last Thursday showed a 76 BCF injection to storage for the week ended October 11 – in line with the market estimate of a 79 BCF injection. Total working gas in storage was reported as 3,705 BCF; 3.0% above this time last year and 4.6% above the five-year average.
As of 6:55AM this morning in Globex, WTI Crude was up $0.66; Natural Gas was up $0.039; Heating Oil was up $0.028, and Gasoline was up $0.023.
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