November NYMEX Natural Gas Futures Contract Closed at $2.247 on Wednesday, October 2nd

Wednesday, October 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.299, nearly two cents above Tuesday’s closing price of $2.283.  Tallying an intraday high of $2.301 before 9:30AM, the contract trailed lower once again as short-term weather forecasts aren’t sparking demand and production levels remain healthy.  Dropping a few cents to reach $2.247 by 11:10AM, the contract seesawed along $2.255 for into the afternoon hours as November closed lower on Wednesday at $2.247.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 110 BCF injection to storage for the week ended September 27th. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 83 BCF.

As of 8:30AM EST this morning in Globex, WTI Crude was down 20 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was up one cent. 
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