Thursday, October 15th saw the front-month NYMEX Natural Gas contract open at $3.240, $0.042 above Wednesday’s closing price of $3.198. Trading cautiously higher to $3.260 ahead of the weekly storage publication, prices peaked at an intraday high of $3.303 as the bullish injection hit the wire. Pulling back to stabilize near $3.220 by midday, traders overlooked an unexpected pipeline outage and near-term cooler temperatures in favor of a milder forecast for the coming weeks. Marking the intraday low of $3.195 at 12:45PM, November closed higher on Thursday at $3.236.
On Thursday, the EIA Natural Gas Storage Report published posted a 67 BCF injection to storage for the week ended October 9 – below the market estimate of 75 BCF. Working gas in storage was reported as 3,567 BCF; 3.9% below this time last year and 1.3% above the five-year average.
In Globex, as of 7:55AM this morning, WTI Crude was up $0.520; Natural Gas was down $0.047; Heating Oil was down $0.007; and Gasoline was down $0.013.
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