Tuesday, September 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.420, five cents above Monday’s closing price of $2.373. Attaining an intraday high of $2.434 by 9:45AM, the contract then trended lower amidst shrinking fundamental support. Trading at $2.364 at midday, the contract retreated to an intraday low of $2.318 ahead of 2:30PM. October closed lower on Tuesday at $2.324.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 50 BCF injection to storage for the week ended September 13th. This compares to a 64 BCF injection this time last year and a five-year average injection amount of 80 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 97 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down three cents.
New York and New England basis values were unchanged for all seasons. Additionally, cash prices were higher in New York and New England.
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.
