December NYMEX Natural Gas Futures Contract Closed at $5.782 on Thursday, October 28th

Thursday, October 28th  saw the front-month NYMEX Natural Gas Futures Contract open at $5.910, twenty-nine cents below Wednesday’s closing price of $6.198. Losing ground before the opening bell, demand concerns faded following President Putin’s instruction for Gazprom to provide additional support to Europe. Trading along either side of $5.910 heading into the weekly storage publication, prices jumped to an intraday high of $5.985 only to trend lower soon thereafter. Marking an intraday low of $5.736 at 12:15PM, December closed lower on Thursday at $5.782.
 
The EIA Natural Gas Storage Report published on Thursday showed an 87 BCF injection to storage for the week ended October 22 – below the market estimate of 94 BCF.  Total working gas in storage was reported as 3,548 BCF; 10.2% below this time last year and 3.4% below the five-year average.
 
As of 6:35AM EST this morning in Globex, WTI Crude was up 27 cents; Natural Gas was down nine cents; Heating Oil was down two cents; and Gasoline was up one cent.
 
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