November NYMEX Natural Gas Futures Contract Closed at $2.902 on Friday, September 27th

Friday, September 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.798, $0.045 above Thursday’s closing price of $2.753. Recording the intraday low as markets opened, the contract moved confidently higher throughout the session, overlooking the drop in demand for those affected by Hurricane Helene. Choosing to focus on tightening supply balances, prices rose cross midday at $2.899 and marker a three-month intraday high of $2.928 at 1:25PM. November closed higher on Friday at $2.902.

The EIA Natural Gas Storage Report published on Thursday showed a 47 BCF injection to storage for the week ended September 20 – below the market estimate of a 54 BCF injection. Please note the reclassification of Working Gas to Base Gas of 8 BCF, the implied change for the week is 55 BCF.  Total working gas in storage was reported as 3,492 BCF; 4.8% above this time last year and 7.1% above the five-year average.

                                                                                                       
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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.

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