October 19, 2022
Tuesday, October 18
th saw the November NYMEX Natural Gas Futures Contract open at $5.995, just below Monday’s closing price of $5.999. Achieving an intraday high of $6.095 shortly after 9:30AM, any worry of a drop in production was overpowered by heartily bearish forecasts in the coming weeks. Plotting a downward trajectory until finding the intraday low of $5.673 at 12:15PM, the contract plotted sideways until closing lower on Tuesday at $5.745.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 108 BCF injection to storage for the week ended October 14. This compares to a 92 BCF injection at this time last year and a five-year average injection amount of 73 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up 97 cents; Natural Gas was down five cents; Heating Oil was down six cents; and Gasoline was up two cents.
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