October NYMEX Natural Gas Futures Contract Closed at $8.324 on Thursday, September 15th

Market Insights
Natural Gas
September 16, 2022
Thursday, September 15th saw the October NYMEX Natural Gas Futures Contract open at $8.562, fifty-five cents below Wednesday’s closing price of $9.114. Marking the intraday high of $8.573 within minutes of the open, prices plunged overnight as a tentative agreement avoided the looming railroad strike. Trading near $8.450 ahead of the weekly storage publication, the contract then fell as the bearish report hit the wire. Recording the intraday low of $8.218 at 11:05AM, prices fluctuated along $8.420 throughout the afternoon as October closed lower at $8.324.

The EIA Natural Gas Storage Report published on Thursday showed a 77 BCF injection to storage for the week ended September 9 – above the market estimate of 71 BCF. Total working gas in storage was reported as 2,771 BCF; 7.4% below this time last year and 11.3% below the five-year average.

As of 6:45AM EST this morning in Globex, WTI Crude was up 35 cents; Natural Gas was down 16 cents; Heating Oil was up six cents; and Gasoline was down two cents.

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