Monday, October 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.822, down $0.032 compared to Friday’s closing price of $2.854. Marking the intraday high of $2.835 by 9:15AM, prices then withdrew as traders planned for a decline in demand with Hurricane Milton on track hit Florida as a Category 5 storm. Crossing midday at $2.742, the contract slipped to the intraday low of $2.705 at 1:15PM. November closed lower on Monday at $2.746.
The EIA Natural Gas Storage Report published last Thursday showed a 55 BCF injection to storage for the week ended September 27 – in line with the market estimate of a 52 BCF injection. Total working gas in storage was reported as 3,547 BCF; 3.7% above this time last year and 5.7% above the five-year average.
As of 6:35AM EST this morning in Globex, WTI Crude was down $1.52; Natural Gas was up $0.017; Heating Oil was down $0.52, and Gasoline was down $0.35.
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