Friday, October 24th saw the front-month NYMEX Natural Gas contract open at $3.325, $0.019 below Thursday’s closing price of $3.344. Tallying the intraday high of $3.351 at 9:15AM, the contract then traded lower amid mixed weather forecasts and steady production. Stabilizing near $3.240 through midday and marking an intraday low of $3.200 at 1:30PM, prices then made a late-day rally to close lower on Friday at $3.304; up 9.8% on the week.
The EIA Natural Gas Storage Report published last Thursday posted an 87 BCF injection to storage for the week ended October 17 – above the market estimate of an 81 BCF injection. Total working gas in storage was reported as 3,808 BCF; 0.9% above this time last year and 4.5% above the five-year average.
As of 7:30AM this morning in Globex, WTI Crude was down $0.250; Natural Gas was down $0.004; Heating Oil was up $0.025; and Gasoline was down $0.008.
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