November NYMEX Natural Gas Futures Contract Closed at $2.283 on Tuesday, October 1st

Tuesday, October 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.329, three cents below Monday’s closing price of $2.330.  Posting a staggered descent into the morning hours, prices fell to $2.295 through 10:00AM and drifted downward to a near five-week intraday low of $2.268 by 11:30AM.  Pulling back in the last few sessions as traders may have gotten ahead of themselves in pricing in the start of winter as the November contract assumed the front month, markets are also keeping an eye on production levels after last week’s bearish storage report.  Managing a meager recovery into the afternoon, November closed lower on Tuesday at $2.283.

As of 8:40AM EST this morning in Globex, WTI Crude was up 21 cents; Natural Gas was down one cent; Heating Oil was unchanged; and Gasoline was down slightly. 

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