On Thursday, September 27
th –the November NYMEX Natural Gas Futures Contracts began trading as the prompt month. Opening at $2.993, above Wednesday’s closing price of $2.980, prices rose to the $3.02 level ahead of the 10:30AM storage publication. Jumping above $3.065 as markets reacted to the bullish report, expectations for the inventory report ranged to the upper sixties. Seeking direction through the balance of the morning, the contract jumped to a fresh eight-month intraday high of $3.111 at noon. Paring its gains as the session drew on, November finished higher Thursday to close at $3.056.
The EIA Natural Gas Storage Report published on Thursday showed a 46 BCF injection to storage for the week ended September 21
st –below the market estimate of 52 BCF. Total working gas in storage was reported as 2,768 BCF; 20.0% below this time last year and 18.3% below the five-year average.
This morning in Globex, WTI Crude was up 11 cents; Natural Gas was down seven cents; Heating Oil was up slightly; and, Gasoline was unchanged.
Natural Gas Glossary
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