November NYMEX Natural Gas Futures Contract Closed at $2.949 on Tuesday, October 3rd

Tuesday, October 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.893, five cents above Monday’s closing price of $2.840. Recording an intraday low of $2.878 within minutes of the opening bell, the contract moved steadily higher throughout the morning as weekly production numbers failed to improve. Crossing midday at $2.945, prices rose to an intraday high of $2.956 at 2:20PM as traders mounted another run at the $3.00 mark. November closed higher on Tuesday at $2.949.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 97 BCF injection to storage for the week ended September 29th. This compares to a 129 BCF injection at this time last year and a five-year average injection amount of 103 BCF.

As of 6:15 AM EST this morning in Globex, WTI Crude was down $1.08 cents; Natural Gas was up three cents; Heating Oil was down nine cents; and Gasoline was down five cents.

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