Thursday, October 13th saw the November NYMEX Natural Gas Futures Contract open at $6.459, two cents above Wednesday’s closing price of $6.435. Trending lower to reach an intraday low of $6.3780 ahead of the weekly storage report, the contract then moved higher following the triple-digit injection as traders bet on increased heating demand in the coming weeks. Crossing midday at $6.5630 and marking an intraday high of $6.777, November closed higher on Thursday at $6.741.
The EIA Natural Gas Storage Report published on Thursday showed a 125 BCF injection to storage for the week ended October 7 – below with the market estimate of 136 BCF. Total working gas in storage was reported as 3,231 BCF; 3.8% below this time last year and 6.4% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down 93 cents; Natural Gas was down ten cents; Heating Oil was down ten cents; and Gasoline was down five cents.
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