November NYMEX Natural Gas Futures Contract Closed at $2.627 on Thursday, October 8th

Thursday, October 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.532, seven cents below Wednesday’s closing price of $2.606.  Marking an intraday low of $2.512 soon after 9:00AM, prices bound higher to stabilize near $2.590 heading into the 10:30AM weekly storage publication.  Shooting upward to $2.637 as the report hit the wire, a withdrawal to the $2.59 subsided in the session’s final hour as disturbances in the Gulf continue to threaten production.  Tallying an intraday high of $2.651 at 1:40PM, November closed higher on Thursday at $2.627.

The EIA Natural Gas Storage Report published on Thursday showed a 75 BCF injection to storage for the week ended October 2nd – in line with the market estimate of 76. Total working gas in storage was reported as 3,831 BCF: 13.1% above this time last year and 11.5% above the five-year average.

As of 7:15_AM EST this morning in Globex, WTI Crude was down 39 cents; Natural Gas was up seven cents; Heating Oil was down one cent; and Gasoline was down two cents.

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