October 15, 2020
Wednesday, October 14
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.650, twenty cents below Tuesday’s closing price of $2.855. Following Monday’s hurricane-induced jump to $2.900, prices returned to the $2.600 level as bullish sentiment now hinges on LNG demand short-term weather forecasts. Yesterday morning saw a decline in the expected HDD’s for the end of October as the contract fell to an intraday low of $2.626 early on. Ascending to an intraday high of $2.706 at 10:20AM, prices fluctuated within a four-cent range of $2.670 for the balance of the day. November closed lower on Wednesday at $2.636.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 51 BCF injection to storage for the week ended October 9
th. This compares to a 104 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 9:05AM EST this morning in Globex, WTI Crude was down $1.77; Natural Gas was up 14 cents; Heating Oil was down four cents; and Gasoline was down six cents.
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