Happy Storage Day

The EIA reported an injection of +82 bcf, well above the +71 bcf expected.  Storage is 176 bcf, or 5%, above the five year average.

The NYMEX November front month contract sold off, as you would expect, but found some support over the day and ended up 3 cents at $2.69 USD/mm. The winter strip was unchanged on the day. Overall, a very tame response to a large injection (for 2024).

Hurricane Milton hit Florida hard and we won’t know the full extent of the damage for weeks.  An estimated 3 million people are without electricity, but this was expected.  

I hope that you have heard that your friends and family in Florida are all okay.