October 25, 2023
Tuesday, October 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.964, four cents above Monday’s closing price of $2.926. Seeking direction through midday as the contract fluctuated along the $2.935 level, prices slipped to an intraday low of $2.907 at 12:15PM. Encouraged by maintenance-induced production cuts and seasonal heating demand on the horizon, prices rose to tally an intraday high of $2.976 ahead of 2:30PM. November closed higher on Tuesday at $2.971.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 83 BCF injection to storage for the week ended October 20
th. This compares to a 52 BCF injection at this time last year and a five-year average injection amount of 66 BCF.
As of 5:50AM EST this morning in Globex, WTI Crude was down one cent; Natural Gas was flat; Heating Oil was down two cents; and Gasoline was up one cent.
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