November NYMEX Natural Gas Futures Contract Closed at $2.318 on Thursday, October 17th

Market Insights
Natural Gas
October 18, 2019
Thursday, October 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.329, two cents above Wednesday’s closing price of $2.303.  Trending higher as markets opened, the contract rose to $2.345 by 10:00AM and traded sideways until the weekly storage publication thirty minutes later.  Jumping to an intraday high of $2.365 as the report hit the wire, prices were quick to retract these momentary gains and eventually fell to the intraday low of $2.305 level by 11:30AM.  Trading along either side of $2.320 through the afternoon hours as the injection to storage was largely in line with expectations, markets are now likely waiting for further confirmation of the arrival of cold temperatures at the end of the month before attempting to move higher.  November closed higher on Thursday at $2.318.

The EIA Natural Gas Storage Report published on Thursday showed a 104 BCF injection to storage week ended October 11th – below the market estimate of 108 BCF. Total working gas in storage was reported at 3,519 BCF: 16.3% above this time last year and 0.4% below the five-year average.

As of 9:00AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent. 

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