Wednesday, November 1st saw the front-month NYMEX Natural Gas Futures Contract open at $3.449, nearly thirteen cents below Tuesday’s closing price of $3.575. Losing ground overnight, as traders are keeping a close eye on shifting weather forecasts, prices fell to the intraday low of $3.428 at 9:55AM. Posting a strong reversal in the following ninety minutes, the contract rose to an intraday high of $3.560 ahead of midday. Pulling back to stabilize near $3.500 into the afternoon, December closed lower on Wednesday at $3.494.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 81 BCF injection to storage for the week ended October 27th. This compares to a 102 BCF injection at this time last year and a five-year average injection amount of 57 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up $1.20; Natural Gas was down eight cents; Heating Oil was up five cents; and Gasoline was up three cents.
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.
