October 6, 2022
Wednesday, October 5
th saw the November NYMEX Natural Gas Futures Contract open at $6.973, fourteen cents above Tuesday’s closing price of $6.837. Gaining thirty cents in the minutes leading up to the open, analysts attributed these gains to possible late-month heating demand and unity with the rising oil markets. Recording the intraday high of $6.991 by 9:15AM and the intraday low of $6.847 at 11:00AM, the contract fluctuated along either side of the $6.90 level for the majority of the day. November closed higher on Wednesday at $6.930.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 125 BCF injection to storage for the week ended September 30. This compares to a 118 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was up three cents; Heating Oil was down seven cents; and Gasoline was down three cents.
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