November NYMEX Natural Gas Futures Contracts Closed at $3.230 on Wednesday, October 3rd

Wednesday, October 3rd saw the front-month NYMEX Natural Gas Futures Contracts open at $3.192, nearly three cents above Tuesday’s closing price of $3.166.  A momentary drop to the intraday low of $3.175 as markets opened then saw prices shoot higher to continue this week’s rally.  Surpassing $3.230 by 10:30AM and recording the intraday high of $3.261 at 11:40AM, the contract proceeded to fluctuate along either side $3.240 throughout the balance of the day.  Analyst James Hyerczyk has attributed this week’s rally to nuclear power plant maintenance, which in turn caused higher-than-usual demand catching short sellers off guard, forcing them to cover their positions, and bullish weather forecasts.  November closed higher on Wednesday at $3.230.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 75 BCF injection to storage for the week ended September 28th.  This compares to a 42 BCF injection at this time last year and a five-year average injection amount of 84 BCF.

This morning in Globex, WTI Crude was down 47 cents; Natural Gas was up two cents; Heating Oil was down one cent; and, Gasoline was down two cents.  
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