November 3, 2023
Thursday, November 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $3.428, nearly seven cents below Wednesday’s closing price of $3.494. Trading near $3.430 heading into 10:00AM, prices dipped to an intraday low of $3.401 as the weekly storage report hit the wire thirty minutes later. Posting a steady recovery in the following minutes as traders weighed the latest production rates and weather forecasts, the contract rose to tally an intraday high of $3.492 at 11:45AM. Stabilizing near $3.460 through the afternoon, December closed lower on Thursday at $3.472.
The EIA Natural Gas Storage Report published on Thursday showed a 79 BCF injection to storage for the week ended October 27 – in line with the market estimate of 83 BCF. Total working gas in storage was reported as 3,779 BCF; 8.4% above this time last year and 5.7% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was down 12 cents; Natural Gas was up seven cents; Heating Oil was flat; and Gasoline was down one cent.
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