October 3, 2023
Monday, October 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.903, three cents below Friday’s closing price of $2.929. Seeking direction in a four-cent range early on, prices marked the intraday high of $2.911 at 9:45AM. Trending lower heading into the afternoon comfortable weather has left traders waiting for the next bullish catalyst. Crossing midday at $2.868 the contract fell to tally an intraday low of $2.837 shortly after 2:00PM. November closed lower on Monday at $2.840.
The EIA Natural Gas Storage Report published last Thursday showed a 90 BCF injection to storage for the week ended September 22 – in line with the market estimate of 90 BCF. Total working gas in storage was reported as 3,359 BCF; 13.4% above this time last year and 6.0% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 56 cents; Natural Gas was down one cent; Heating Oil was down six cents; and Gasoline was down three cents.
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