Thursday, October 4th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.235, slightly above Wednesday’s closing price of $3.230. Following a brief ascent to the intraday high of $3.248 by 9:20AM, prices descended sharply to trade near $3.190 ahead of 10:30AM. Dropping to the intraday low of $3.129 as markets reacted to the bullish report, the contract struggled to reclaim the morning’s losses as it fluctuated between $3.200 and $3.140 throughout the balance of the day. November closed lower on Thursday at $3.165.
The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended September 28th – well above the market estimate of 75 BCF. Total working gas in storage was reported as 2,866 BCF; 18.2% below this time last year and 17.5% below the five-year average.
Natural Gas Glossary
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