October 24, 2019
Wednesday, October 23
rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.290, nearly two cents above Tuesday’s closing price of $2.272. Rising modestly to the intraday high of $2.305 at 9:20AM, prices spent the next ninety minutes stepping lower until reaching the intraday low of $2.263. Reclaiming the $2.290 level by midday, markets are currently weighing the impact of record production and the arrival of supportive weather conditions. Moving predominantly sideways into the afternoon, November closed higher on Wednesday at $2.282.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 91 BCF injection to storage for the week ended October 18
th. This compares to a 58 BCF injection at this time last year and a five-year average injection amount of 73 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was up 10 cents; Natural Gas was up two cents; Heating Oil was up slightly; and Gasoline was unchanged.
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