Thursday, October 29th saw the front-month NYMEX Natural Gas Futures Contract open at $3.204, nine cents below Wednesday’s closing price $3.291. Withdrawing early in the session to record an intraday low of $3.151 at 9:30AM, as hurricane related production concerns dissipated, the contract recovered to trade near $3.270 ahead of the weekly storage release. Surging to the $3.270 level as the bullish report was published, prices continued to an intraday high of $3.346 by 1:10PM. The December contract closed higher on Thursday at $3.301.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF injection to storage for the week ended October 23rd – below the market estimate of 46 BCF. Total working gas in storage was reported as 3,955 BCF: 7.8% above this time last year and 7.9% above the five-year average.
As of 8:05AM EST this morning in Globex, WTI Crude was down 16 cents; Natural Gas was down two cents; Heating Oil was down slightly; and Gasoline was down slightly.
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