Thursday, September 29th saw the November NYMEX Natural Gas Futures Contract open at $6.765, nineteen cents below Wednesday’s closing price of $6.955. Trading near $6.670 leading up to the weekly storage release, prices slipped to an intraday low of $6.599 as the bearish publication hit the wire. Posting a steady recovery from there, despite steady production and mild demand, the contract rose to an intraday high of $6.981 at 1:45PM. November closed lower on Thursday at $6.874.
The EIA Natural Gas Storage Report published on Thursday showed a 103 BCF injection to storage for the week ended September 23 – in line with the market estimate of 101 BCF. Total working gas in storage was reported as 2,977 BCF; 5.7% below this time last year and 9.3% below the five-year average.
As of 7:55AM EST this morning in Globex, WTI Crude was down 22 cents; Natural Gas was up eight cents; Heating Oil was down seven cents; and Gasoline was down three cents.
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