November NYMEX Natural Gas Futures Contracts Closed at $3.166 on Wednesday, October 24th

Wednesday, October 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.236, two cents above Tuesday’s closing price of $3.212.  Tallying the intraday high of $3.236 as markets opened, benefitting from a pre-session run up from the $3.190 level, prices were soon directed lower.  Experiencing increased volatility as traders assess the impacts of changing weather forecasts and today’s storage report, the contract was trading near $3.205 by midday and fell to the intraday low $3.159 at 1:40PM.  November closed lower on Wednesday at $3.166.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 55 BCF injection to storage for the week ended October 19th.  This compares to a 65 BCF injection at this time last year and a five-year average injection amount of 77 BCF.
 
Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
 

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.