November NYMEX Natural Gas Futures Contracts Closed at $3.320 on Wednesday, October 17th

Wednesday, October 17th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.261, two cents above Tuesday’s closing price of $3.239.  Following a quiet morning where traders weighed expectations for below average temperatures in high-demand areas against what today’s storage report may bring, prices jumped to $3.298 at 9:30AM before declining to the intraday low of $3.252 at midday.  Stepping confidently higher into the afternoon, the contract tallied the intraday high of $3.330 at 2:00PM and proceeded to finish higher on the day at $3.320.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show an 85 BCF injection to storage for the week ended October 12th.  This compares to a 50 BCF injection at this time last year and a five-year average injection amount of 79 BCF.

This morning in Globex, WTI Crude was down $1.06; Natural Gas was down six cents; Heating Oil was down two cents; and, Gasoline was down three cents.  
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