NYMEX Natural Gas Futures Contract Prompt month Oct23 contract +US$0.069/MMBtu at $2.579, low of $2.50, high of $2.614, traded range of $0.114. Winter 23 +$0.002 at $3.392, Summer 24 +$0.004 at $3.205.
Market Update Another interesting day in natural gas. The U.S. EIA storage report came out at 10:30AM and prompted a steady climb in prices this morning. While the average estimate came in at an injection of 40 billion cubic feet (Bcf), the actual number was an injection of 33 Bcf. This smaller than expected injection means that the existing surplus has been further decreased to 462 Bcf higher than last year, and 222 Bcf above the five-year average. Prices are still capped at the $2.60 level though as cooler temperatures and Australia’s Chevron planned strike is delayed.