October 21, 2022
Thursday, October 20
th saw the November NYMEX Natural Gas Futures Contract open at $5.383, six cents below Wednesday’s closing price of $5.462. Slipping to an intraday low of 5.253 ahead of 9:15AM, prices rose to trade near $5.400 ahead of the weekly storage publication. Shirking the bearish injection as the report hit the wire, the contract ascended to peak at an intraday high of $5.532 at 11:25AM as traders found excitement surrounding news of activity at the Freeport LNG terminal. An event that could help stop the bleeding as the front-month has been in decline. November closed lower for the fifth straight session on Thursday at $5.358.
The EIA Natural Gas Storage Report published on Thursday showed a 111 BCF injection to storage for the week ended October 14 – above the market estimate of 105 BCF. Total working gas in storage was reported as 3,342 BCF; 3.1% below this time last year and 5.2% below the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was up 31 cents; Natural Gas was down 22 cents; Heating Oil was up one cent; and Gasoline was up two cents.
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