November NYMEX Natural Gas Futures Contract Closed at $2.218 on Thursday, October 10th

Market Insights
Natural Gas
October 11, 2019
Thursday, October 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.245, a penny above Wednesday’s closing price of $2.234.  Climbing steadily from the opening bell, prices rose to the $2.26 level by 10:30AM.  Initially climbing to an intraday high of $2.274 as the storage report hit the wire, the contract then broke down as bearish weather forecasts failed to impress.  Crossing midday near $2.230, markets diminished further as the afternoon drew on, falling to an intraday low of $2.214 at 2:00PM.  November closed lower on Thursday at $2.218.

The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage week ended October 4th – just below the market estimate of 101 BCF. Total working gas in storage was reported at 3,415 BCF: 16.0% above this time last year and 0.3% below the five-year average.

As of 8:40AM EST this morning in Globex, WTI Crude was up 74 cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up two cents. 

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