October NYMEX Natural Gas Futures Contracts Closed at $2.976 on Thursday, September 20th

Thursday, September 20th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.917, a penny above Wednesday’s closing price of $2.908.  Trading within a tight band near $2.920 through 10:00AM, the contract shed a penny as the weekly storage report drew near.  Sinking to the intraday low of $2.886 as the report was released, prices then surged higher on updated forecasts for cooler temperatures.  Reaching a one-month intraday high of $2.991 shortly after midday, October proceeded to close higher on Thursday at $2.976.

The EIA Natural Gas Storage Report published on Thursday showed an 86 BCF injection to storage for the week ended September 14th –above the market estimate of 83 BCF.  Total working gas in storage was reported as 2,722 BCF; 19.8% below this time last year and 17.7% below the five-year average.

This morning in Globex, WTI Crude was up 57 cents; Natural Gas was down four cents; Heating Oil was up two cents; and, Gasoline was up two cents.  

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