In a highly elastic last day of trading, the NYMEX November contract started the day down $0.18 USD/MMBtu before snapping back to settle $0.03 USD/MMBtu or 1% higher at $3.38 USD/MMBtu. This marks the end of the Nov-25 contract as the front month. The contract initially started at $3.16 USD/MMBtu and peaked at $3.58 USD/MMBtu. Despite bearish storage inventories, the Nov-25 final settlement is the highest November settlement price since 2022. Elsewhere in the curve, the Dec-25 and Jan-26 contracts both dropped approximately $0.05 USD/MMBtu or 1.7%.

Tomorrow, all eyes turn once again to the storage report, with the WSJ survey expecting a growth of 73 bcf. Record LNG flows and cooler weather are driving the lower injection forecast. As tomorrow is the first day of the Dec-25 contract as the front month and an EIA storage day, expect a highly volatile trading day. (PB)