October 10, 2022
Friday, October 7
th saw the November NYMEX Natural Gas Futures Contract open at $6.808, twenty cents above Wednesday’s closing price of $6.972. Climbing to $6.918 by 9:45AM, prices fell soon thereafter to mark an intraday low of $6.688 at 10:30AM. Straddling $6.800 for the majority of the day, peaking at an intraday high of $6.926 shortly after midday, shrinking storage deficits have kept a lid on a market that’s had a stubbornly bullish sentiment. November closed lower on Friday at $6.748.
The EIA Natural Gas Storage Report published on Thursday showed a 129 BCF injection to storage for the week ended September 30 – in line with the market estimate of 125 BCF. Total working gas in storage was reported as 3,106 BCF; 5.0% below this time last year and 7.8% below the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was down 51 cents; Natural Gas was up three cents; Heating Oil was down five cents; and Gasoline was down three cents.
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