The NYMEX front-month natural gas contract settled slightly lower on Wednesday as the market juggled colder weather forecasts and excess supply.

The front-month contract fell 3.6 cents to settle at $2.349/MMBtu, trading within a range of $2.293-$2.384/MMBtu.

“[Natural gas] continues to bounce off the $2.20[/MMBtu] level and is seeing some resistance coming up at the $2.40[/MMBtu] level. Talks of colder weather in the Midwest are giving it a little bit of a lift.”

According to a survey conducted by S&P Global Platts, storage inventories are expected to increase to 108 Bcf for the week ending October 10. This injection sits 27 Bcf above the yearly average of 81 Bcf and sits 26 Bcf above the storage injection level at this time last year.

The most recent 8 to 14-day weather outlook from the National Weather Service calls for a likelihood of warmer-than-average temperatures in the Southwest and parts of the Northeast, with a likelihood of cooler-than-average temperatures in the Midcontinent, Southeast, parts of the Northeast, and Texas.

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