Thursday, October 1st saw the front-month NYMEX Natural Gas contract open at $3.015, $0.011 below Wednesday’s closing price of $3.026. Recording the intraday higher of $3.021 ahead of 9:40AM, prices hovered near $3.005 leading up to the weekly storage publication. Lacking a material reaction to the as-expected injection, the contract drifted lower into the afternoon amid bearish short-term weather forecasts. November closed lower on Thursday at $2.967.
The EIA Natural Gas Storage Report published on Thursday posted a 64 BCF injection to storage for the week ended September 25 – in line with the market estimate of 63 BCF. Working gas in storage was reported as 3,415 BCF; 3.9% below this time last year and 2.4% above the five-year average.
In Globex, as of 6:25AM this morning, WTI Crude was down $3.200; Natural Gas was down $0.031; Heating Oil was down $0.141; and Gasoline was down $0.107.
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