November NYMEX Natural Gas Futures Contracts Closed at $3.056 on Thursday, September 27th

On Thursday, September 27th –the November NYMEX Natural Gas Futures Contracts began trading as the prompt month.  Opening at $2.993, above Wednesday’s closing price of $2.980, prices rose to the $3.02 level ahead of the 10:30AM storage publication.  Jumping above $3.065 as markets reacted to the bullish report, expectations for the inventory report ranged to the upper sixties.  Seeking direction through the balance of the morning, the contract jumped to a fresh eight-month intraday high of $3.111 at noon.  Paring its gains as the session drew on, November finished higher Thursday to close at $3.056.

The EIA Natural Gas Storage Report published on Thursday showed a 46 BCF injection to storage for the week ended September 21st –below the market estimate of 52 BCF.  Total working gas in storage was reported as 2,768 BCF; 20.0% below this time last year and 18.3% below the five-year average.

This morning in Globex, WTI Crude was up 11 cents; Natural Gas was down seven cents; Heating Oil was up slightly; and, Gasoline was unchanged.  

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