Quiet day today as the NYMEX futures slowly drifted higher.

The November front month contract was up 4.5 cents to $2.36 USD/mm.  The winter strip was up 2 cents to $2.87.

The next summer 2025 strip was up 1 cent to $3.06.  Next summer seems to have found some support at $3 level. 

The weather forecast is still showing above seasonal temperatures into the beginning of November.  Perhaps we might continue to see some storage injections in early November.  The prediction is for the EIA to report an injection of +60 bcf for the week ending Oct 18th.

No potential hurricane activity in the Gulf of Mexico or the Atlantic on the horizon, so all quiet there.

In economic news, the Bank of Canada cut benchmark rates by half a point to 3.75%.  Bit of a surprise to some but with inflation below target, the bank now has to focus on growth and employment. [WFG]