Tuesday, September 28th – settlement day for the October Contract – saw the front-month NYMEX Natural Gas Futures Contract open at $5.909, twenty cents above Monday’s closing price of $5.706. Trading within a sixteen-cent range in the session’s initial ten minutes, prices jumped to another seven-plus year intraday high of $6.075 at 9:50AM. Crossing midday near $5.849, October’s settlement, short covering, and the European supply shortage all contributed to the day’s volatility. October settled higher on Tuesday at $5.841. The more actively traded November contract opened at $5.935, twenty cents above Monday’s closing price of $5.731. Posting a similarly volatile day, November closed higher at $5.880.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 55 BCF injection to storage for the week ended September 24th. This compares to a 76 BCF injection at this time last year and a five-year average injection amount of 72 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was down nine cents; Heating Oil was down slightly; and Gasoline was down one cent.
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