NYMEX November gas settles 1.8 cents lower at $2.386/MMBtu on weather

The NYMEX November natural gas futures contract slipped 1.8 cents to settle at $2.386/MMBtu Thursday on a mild weather outlook. The settle marked the lowest close for a prompt-month contract since June 13, 2012, when the settlement price at $2.185/MMBtu.  Seasonal weather around the US offered no support and WSI’s 11-15 day forecast predicts above-normal temperatures across most of the western and northern US. Seasonably cool weather is expected for the southern US and the east.  The contract slipped despite a bullish storage figure of an injection below expectations.
The US Energy Information Administration released a storage report citing a build of 81 Bcf to 3.814 Tcf for the week that ended October 16. The figure was below the consensus expectations of an injection between 86 Bcf and 90 Bcf, according to a survey of analysts by Platts earlier in the week.Click here to view full article at www.platts.com