The soon-to-expire October Nymex natural gas futures contract reversed overnight gains, ticking a few cents lower early Tuesday on the heels of an impressive 17.9-cent advance Monday. Gains were motivated by the uncertain impact of a large storm system in the Gulf of Mexico (GOM) and a tight market balance.
October futures were 1.2 cents lower at $2.601/MMBtu as of 8:30 a.m. ET, after trading as high as $2.674. The contract was set to expire at the close of business Thursday, ceding to the November contract, which was 2.5 cents lower at $2.829.
“Barring a dramatic turnaround back to the downside,” the October contract “looks poised to roll off the board well above recent contract settlements,” said Pinebrook Energy Advisors Andy Huenefeld, managing partner.
