November NYMEX Natural Gas Futures Contract Closed at $2.303 on Wednesday, October 16th

Market Insights
Natural Gas
Basis
NYMEX
October 17, 2019
Wednesday, October 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.355, nearly two cents above Tuesday’s closing price of $2.339.  Riding overnight momentum to reach a 10-day intraday high of $2.384 by 9:40AM, prices fell to $2.360 by 10:00AM and continued lower into the morning.  Crossing midday at $2.345, the contract withdrew further into the afternoon as traders squared their positions ahead of Thursday’s EIA Storage Report.  November closed lower on Wednesday at $2.303.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 108 BCF injection to storage for the week ended October 11th. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 81 BCF.

As of 8:40AM EST this morning in Globex, WTI Crude was down 29 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was down two cents. 

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