Wednesday, October 31st saw the front-month NYMEX Natural Gas Futures Contracts open at $3.236, five cents above Tuesday’s closing price of $3.187. Experiencing choppy trading through the morning as analysts weighed weather and storage expectations, the contract slipped to the intraday low of $3.207 shortly after 10:00AM and recovered to the $3.24 level by midday. Posting an intraday high of $3.275 at 1:00PM, December closed higher on Wednesday at $3.261.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 53 BCF injection to storage for the week ended October 26th. This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 62 BCF.
This morning in Globex, WTI Crude was down 31 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was down slightly.
New York and New England basis values were lower for all seasons. Additionally, cash prices were lower in New York and New England.
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