October 17, 2022
Friday, October 14th saw the November NYMEX Natural Gas Futures Contract open at $6.649, nine cents below Thursday’s closing price of $6.741. Recording the intraday high of $6.666 within minutes of the opening bell, the contract then began a gradual retreat that would span the balance of the day. Lacking a call for notable heating demand and shrinking storage deficits, prices pulled back on Friday, reaching an intraday low of $6.409 at 1:05PM. November closed lower on Friday at $6.453; down 4% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 125 BCF injection to storage for the week ended October 7 – below with the market estimate of 136 BCF. Total working gas in storage was reported as 3,231 BCF; 3.8% below this time last year and 6.4% below the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was down 66 cents; Natural Gas was down 43 cents; Heating Oil was up three cents; and Gasoline was down three cents.
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