Wednesday, October 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.236, two cents above Tuesday’s closing price of $3.212. Tallying the intraday high of $3.236 as markets opened, benefitting from a pre-session run up from the $3.190 level, prices were soon directed lower. Experiencing increased volatility as traders assess the impacts of changing weather forecasts and today’s storage report, the contract was trading near $3.205 by midday and fell to the intraday low $3.159 at 1:40PM. November closed lower on Wednesday at $3.166.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 55 BCF injection to storage for the week ended October 19th. This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 77 BCF.
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