Thursday, October 19th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.858, nearly even to Wednesday’s closing price of $2.854. Trading evenly over the day’s initial ninety minutes, as traders eagerly awaited the weekly storage report, the contract then plummeted lower as the weekly publication was released. Losing ground in the subsequent hour to mark a seven-month intraday low of $2.773, bullish traders then entered the market and drove the contract upward. Ascending past $2.860 by 1:00PM, November managed to close higher on Thursday at $2.873.
The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF injection to storage for the week ended October 13th – above the market estimate of 45 BCF. Total working gas in storage was reported as 3,646 BCF; 4.7% below this time last year and 1.0% below the five-year average.
This morning in Globex, WTI Crude was down 38 cents; Natural Gas was unchanged; Heating Oil was up slightly; and, Gasoline was unchanged.
Natural Gas Glossary
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