November NYMEX Natural Gas Futures Contract Closed at $3.023 on Wednesday, October 21st

Wednesday, October 21st saw the front-month NYMEX Natural Gas Futures Contract open at $3.030, twelve cents above Tuesday’s closing price $2.913.  Eclipsing the $3.00 level for this first time in nearly two years, cooler forecasts and expectations for increased LNG demand continue to propel the contract upward.  Slipping to an intraday low of $2.987 at 10:00AM, prices traded along either side of $3.010 for the majority of the session.  Tallying an intraday high of $3.042 at 1:20PM, the November contract closed higher on Wednesday at $3.023.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 39 BCF injection to storage for the week ended October 16th. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 75 BCF.

As of 8:35AM EST this morning in Globex, WTI Crude was up six cents; Natural Gas was down two cents; Heating Oil was down slightly; and Gasoline was up slightly.

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