Friday, October 8th saw the front-month NYMEX Natural Gas Futures Contract open at $5.685, a penny above Thursday’s closing price of $5.677. Reaching an intraday high of $5.727 soon after the opening bell, the contract posted a steady descent throughout the day as fundamentals remain unchanged. Prices fell to an intraday low of $5.548 at 2:20PM. After reaching a multi-year intraday high earlier in the week due to the energy crisis abroad, November closed lower on Friday at $5.565.
The EIA Natural Gas Storage Report published on Thursday showed a 118 BCF injection to storage for the week ended October 1 – above the market estimate of 107 BCF. Total working gas in storage was reported as 3,288 BCF; 13.9% below this time last year and 5.1% below the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was up $2.27, Natural Gas was up 18 cents, Heating Oil was up five cents, and Gasoline was up four cents.
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