Friday, October 1st saw the front-month NYMEX Natural Gas Futures Contract open at $5.680, nineteen cents below Thursday’s closing price of $5.867. Trading along either side of $5.680 through 10:00AM, prices then jumped to an intraday high of $5.759 at 10:20AM. Trending lower to cross midday near $5.595, global supply concerns continue to provide support. November closed higher on Friday at $5.619, up roughly 9% on the week.
The EIA Natural Gas Storage Report published on Thursday showed an 88 BCF injection to storage for the week ended September 23 – in line with the market estimate of 86 BCF. Total working gas in storage was reported as 3,170 BCF; 15.4% below this time last year and 6.3% below the five-year average.
As of 6:05AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was up 22 cents; Heating Oil was unchanged; and Gasoline was down one cent.
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