On Wednesday, October 30th – the December NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.680, four cents above Tuesday’s closing price of $2.639, prices fell to an intraday low of $2.665 out of the gate only to recover in the following minutes to reach a six-month intraday high of $2.723 at 9:20AM. Supported by reaffirmed forecasts for at least a short-term blast of cooler weather, the contract posted a staggered descent for the balance of the session. Crossing midday near $2.690, December closed higher on Wednesday at $2.691.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 91 BCF injection to storage for the week ended October 25th. This compares to a 48 BCF injection at this time last year and a five-year average injection amount of 65 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was down 65 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was up slightly.
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