NYMEX Natural Gas Futures Contract Nov23 settlement +US$0.013/MMBtu at $2.962, low of $2.935, high of $3.055, traded range of $0.12. Winter 23 +$0.009 at $3.318, Summer 24 +$0.006 at $3.219.
Market Fundamentals Natural gas prices ran up into the morning, but were once again capped out, this time at the $3.055 level. Even then, the Nov23 settled at $2.962, the highest settlement price since March 3rd, 7-months ago. Warmer than usual temperatures this week are adding some bullish sentiment into the mix as it will result in higher demand from the power generation sector, and a smaller storage injection. Additionally, October production to date is down slightly by 0.5 Bcf/d, but with Mexico exports rising, and the expected return of Cove Point LNG next week, supply and demand balances will look to get tighter.