October 17, 2023
Monday, October 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.184, five cents below Friday’s closing price of $3.236. Marking the intraday high of $3.154 minutes after the opening bell, the contract pulled to continue Friday’s retreat following healthy production levels and mild short-term forecasts. Finding the intraday low of $3.053 at 10:35AM, prices chopped around the $3.075 level through midday. Mounting a recovery effort ahead of 1:00PM to recapture the $3.150 mark, November closed lower on Monday at $3.109.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 80 BCF injection to storage for the week ended October 13
th. This compares to a 111 BCF injection at this time last year and a five-year average injection amount of 85 BCF.
As of 7:00 AM EST this morning in Globex, WTI Crude was up 17 cents; Natural Gas was flat; Heating Oil was down one cent; and Gasoline was up one cent.
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