Monday, October 13th saw the front-month NYMEX Natural Gas contract open at $3.085, $0.021 below Friday’s closing price of $3.106. Falling to an intraday low of $3.048 at 9:45AM, stout storage levels and weak demand provided a solid bearish sentiment. By 11:00AM, prices rose to trade steadily along the $3.110 mark for the majority of the session, marking an intraday high of $3.128 at 11:30AM. November closed higher on Monday at $3.118.
The EIA Natural Gas Storage Report published last Thursday posted an 80 BCF injection to storage for the week ended October 3 – in line with the market estimate of a 75 BCF injection. Total working gas in storage was reported at 3,641 BCF; 0.6% above this time last year and 4.5% above the five-year average.
As of 7:31AM this morning in Globex, WTI Crude was down $1.410; Natural Gas was down $0.055; Heating Oil was up $0.053; and Gasoline was down $0.023.
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