October 7, 2021
Wednesday, October 6th saw the front-month NYMEX Natural Gas Futures Contract open at $6.054, twenty-six cents below Tuesday’s closing price of $6.312. Marking an intraday of $6.057 soon after the opening, following a pre-market rally to the $6.400 level, prices maintained a steady descent throughout the day. Analysts are attributing the day’s pullback to profit taking and news that Russia has committed to providing energy assistance to Europe. Marking an intraday low of $5.663 at 1:00PM, November closed lower on Wednesday at $5.675.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 107 BCF injection to storage for the week ended October 1st. This compares to a 75 BCF injection at this time last year and a five-year average injection amount of 81 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was down $1.18; Natural Gas was down 15 cents; Heating Oil was down three cents; and Gasoline was down three cents.
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