October 2, 2020
Thursday, October 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.538, a penny above Wednesday’s closing price of $2.527. Jumping to an intraday high of $2.559 by 9:15AM, the contract then moved lower to stabilize near $2.480 ahead of 10:30AM. Lacking any notable reaction to the weekly storage injection, prices fell to an intraday low of $2.441 at 11:40AM only to mount a healthy recovery into the afternoon. Ascending as high as $2.543 ahead of 2:30PM, the November contract finished unchanged on Thursday at $2.527.
The EIA Natural Gas Storage Report published on Thursday showed a 76 BCF injection to storage for the week ended September 25
th – in line with the market estimate of 75. Total working gas in storage was reported as 3,756 BCF: 14.3% above this time last year and 12.1% above the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.79; Natural Gas was down 14 cents; Heating Oil was down five cents; and Gasoline was down five cents.
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