October 20, 2023
Thursday, October 19
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.028, three cents below Wednesday’s closing price of $3.056. Rising confidently to attain the $3.070 level leading up to the weekly storage publication, the contract tallied an intraday high of $3.091 at 10:25AM. Losing its footing as the bearish storage report hit the wire, prices plummeted to the $2.970 mark. Crossing midday at $2.985, the contract fell to an intraday low of $2.959 at 1:05PM. November closed lower on Thursday at $2.957.
The EIA Natural Gas Storage Report published on Thursday showed a 97 BCF injection to storage for the week ended October 13 –above the market estimate of 80 BCF. Total working gas in storage was reported as 3,626 BCF; 9.0% above this time last year and 5.1% above the five-year average.
As of 6:50 AM EST this morning in Globex, WTI Crude was up $1.23; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up two cents.
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