Thursday, October 26th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.880, four cents below Wednesday’s closing price of $2.919. Losing ground in overnight trading once again, the latest forecasts have left traders disappointed, as next week’s demand will be lower than previously expected. Rising gradually from the intraday low of $2.878 early on, prices rose to $2.895 by 9:30AM and stabilized over the following hour. Breaking stride to reach up to the intraday high of $2.909 as storage report was released, November soon retreated to the $2.90 level and proceeded to close lower on Thursday at $2.890. Similarly, the more actively traded December contract closed three cents lower at $3.051.
The EIA Natural Gas Storage Report published on Thursday showed a 64 BCF injection to storage for the week ended October 20th – just below the market estimate of 67 BCF. Total working gas in storage was reported as 3,710 BCF; 4.8% below this time last year and 1.2% below the five-year average.
This morning in Globex, WTI Crude was down 28 cents; Natural Gas was down eight cents; Heating Oil was down one cent; and, Gasoline was down one cent.
Natural Gas Glossary
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