October 23, 2023
Friday, October 20
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.902, five cents below Thursday’s closing price of $2.957. In a relatively uneventful day of trading, prices dropped once again overnight with production healthy and weather forecasts unsupportive. Tallying the intraday high of $2.931 and intraday low of $2.880 at 9:35AM and 10:20AM, respectively, the contract traded within a tight band near $2.905 for the majority of the session. November closed lower on Friday at $2.899, down 10% on the week.
The EIA Natural Gas Storage Report published last 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 6:20 AM EST this morning in Globex, WTI Crude was down 45 cents; Natural Gas was up slightly; Heating Oil was up one cent; and Gasoline was down one cent.
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