November 6, 2023
Friday, November 3
rd saw the front-month NYMEX Natural Gas Futures Contract open at $3.524, five cents above Thursday’s closing price of $3.472. The contract sought direction early on as traders weighed steady LNG exports and a slight pullback in production against bearish short-term forecasts. Falling from $3.551 at 9:05AM to record the intraday low of $3.484 forty minutes later, the contract mounted a vertical ascent near midday to achieve an intraday high of $3.576. Pulling back into the afternoon, December closed higher on Friday at $3.515.
The EIA Natural Gas Storage Report published last 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 6:25AM EST this morning in Globex, WTI Crude was up $1.36; Natural Gas was down 13 cents; Heating Oil was up four cents; and Gasoline was up three cents.
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