October 27, 2023
Thursday, October 26
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.036, three cents above Wednesday’s closing price of $3.010. Marking the intraday low of $3.008 within minutes of the open, the contract traded along either side of $3.025 leading up to the weekly storage report. Jumping above $3.060 as the bullish publication hit the wire, prices hovered near $3.040 until jumping higher at midday. Crossing $3.160 by 1:00PM, the contract peaked at an intraday high of $3.228 at 2:15PM. November closed higher on Thursday at $3.214.
The EIA Natural Gas Storage Report published on Thursday showed a 74 BCF injection to storage for the week ended October 20 –below the market estimate of 83 BCF. Total working gas in storage was reported as 3,700 BCF; 9.2% above this time last year and 5.2% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was up $1.74; Natural Gas was up ten cents; Heating Oil was up three cents; and Gasoline was up five cents.
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