Wednesday, October 10th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.317, five cents above Tuesday’s closing price of $3.266. Sinking below $3.300 soon after markets opened, prices then surged to the intraday high of $3.345 at 9:40AM. With Hurricane Michael bypassing key production areas over Tuesday night and into Wednesday, the contract arced gradually lower through the morning until tagging the intraday low of $3.255 at 12:40PM and again at 1:20PM. November closed higher on Wednesday at $3.284.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 92 BCF injection to storage for the week ended October 5th. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 90 BCF.
This morning in Globex, WTI Crude was down 90 cents; Natural Gas was down seven cents; Heating Oil was down three cents; and, Gasoline was down three cents. Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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