November NYMEX Natural Gas Futures Contract Closed at $2.316 on Thursday, October 24th

Thursday, October 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.304, two cents above Wednesday’s closing price of $2.282.  Seesawing along $2.300 through 10:30AM, the contract broke down despite news of the injection coming in on the low side of expectations.  Recording an intraday low of $2.269 at 10:45AM prices recovered ahead of midday, supported by updated weather forecasts.  Rising to an intraday high of $2.342 at 12:40PM, November finished higher on Thursday at $2.316.

The EIA Natural Gas Storage Report published on Thursday showed an 87 BCF injection to storage for the week ended October 18th – below the market estimate of 91 BCF. Total working gas in storage was reported at 3,606 BCF: 16.8% above this time last year and 0.8% below the five-year average.

As of 9:00AM EST this morning in Globex, WTI Crude was down 43 cents; Natural Gas was down three cents; Heating Oil was down two cents; and Gasoline was down one cent. 

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