Wednesday NYMEX Natural Gas Futures Contract Closed at $2.606 on Wednesday, October 7th

Wednesday, October 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.635, eleven cents above Tuesday’s closing price of $2.520.  Tallying an intraday high of $2.686 by 9:20AM, volatility persisted throughout the session, as the effects of multiple storms in the Gulf remain unknown.  Descending to an intraday low of $2.540 just after midday, the contract then mounted a recovery effort that saw November close higher on Wednesday at $2.606.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 76 BCF injection to storage for the week ended October 2nd. This compares to a 98 BCF injection at this time last year and a five-year average injection amount of 86 BCF.

As of 8:40AM EST this morning in Globex, WTI Crude was up 73 cents; Natural Gas was down nine cents; Heating Oil was up two cents; and Gasoline was up two cents.

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