Tuesday, October 7th saw the front-month NYMEX Natural Gas contract open at $3.368, $0.011 above Monday’s closing price of $3.357. Marking the intraday low of $3.365 within minutes of the opening bell, bulls jumped on news of added heading demand to recent forecasts and falling production. Stabilizing near $3.450 by 9:30AM, prices traded sideways for the majority of the session until a late surge to the intraday high of $3.524 at 2:15PM. November closed higher on Tuesday at $3.498.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 75 BCF injection to storage for the week ended October 3. This compares to an 82 BCF injection this time last year and a five-year average injection amount of 94 BCF.
As of 6:45AM this morning in Globex, WTI Crude was up $0.710; Natural Gas was up $0.011; Heating Oil was up $0.015; and Gasoline was up $0.021.
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