Tuesday, October 25th saw the November NYMEX Natural Gas Futures Contract open at $5.381, eighteen cents above Monday’s closing price of $5.199. Falling to a momentary intraday low of $5.239 by 9:15AM, prices then moved decidedly higher due in part to a bullish shift in weather models. After roaming into oversold territory late last week, the upcoming November contract settlement has also brought volatility to the table. Reaching $5.56 by midday, the contract rose to an intraday high of $5.627 ahead of 2:30PM. November closed higher on Tuesday at $5.613.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 58 BCF injection to storage for the week ended October 21. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 66 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was up 81 cents; Natural Gas was down six cents; Heating Oil was up one cent; and Gasoline was up one cent.
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