On Thursday, September 26th – settlement day for the October contract – the front-month NYMEX Natural Gas Futures Contract opened at $2.510, a penny above Wednesday’s closing price of $2.502. Trailing lower to $2.475 by 9:30AM, the contract traded sideways for the subsequent hour until the bearish storage report drove prices down. Plunging to $2.399 as the report hit the wire, the contract fell to a three week intraday low of $2.390 at 11:40AM. Battling higher into the afternoon, October settled lower on Thursday at $2.428. The more actively traded November contract plotted a similar course, closing nearly eight cents lower at $2.443.
The EIA Natural Gas Storage Report published on Thursday showed a 102 BCF injection to storage week ended September 20th – above the market estimate of 92 BCF. Total working gas in storage was reported at 3,205 BCF: 16.1% above this time last year and 1.4% below the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was down $1.17; Natural Gas was down three cents; Heating Oil was down three cents; and Gasoline was down three cents.
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