December NYMEX Natural Gas Futures Contract Closed at $3.291 on Wednesday, October 28th

Wednesday, October 28th – settlement day for the November contract — saw the front-month NYMEX Natural Gas Futures Contract settle at $2.996, below Tuesday’s closing price $3.019.  The more heavily traded December contract opened at $3.302, a penny below Tuesday’s closing price of $3.311.  Reaching an intraday high of $3.324 within minutes of 9:00AM, the contract trading along either side of $3.295 for the majority of the day. Falling to an intraday low of $3.274 at 1:30PM, the December contract closed lower on Wednesday at $3.291.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 46 BCF injection to storage for the week ended October 23rd. This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 67 BCF.

As of 6:55AM EST this morning in Globex, WTI Crude was down $1.27; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was down two cents.

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