October NYMEX Natural Gas Futures Contract Closed at $2.248 on Thursday, September 24th

Thursday, September 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.261, fourteen cents above Wednesday’s closing price of $2.125.  Experiencing considerable volatility throughout the morning hours, prices fell to an intraday low of $2.174 at 9:50AM only to jump to an intraday high of $2.276 forty minutes later as the bullish storage report was released.  Trading near $2.240 by midday, cold forecasts entering the Midwest have provided support for the time being as the contract rose into the afternoon.  October closed higher on Thursday at $2.248.  The November contract closed roughly 4% higher at $2.899.

The EIA Natural Gas Storage Report published on Thursday showed a 66 BCF injection to storage for the week ended September 18th – below the market estimate of 88. Total working gas in storage was reported as 3,680 BCF: 15.9% above this time last year and 12.4% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was down 42 cents; Natural Gas was down seven cents; Heating Oil was  down one cent; and Gasoline was down one cent.

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