Monday, October 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.364, down $0.196 compared to Friday’s closing price of $2.560. Marking the intraday high of $2.391 by 9:55AM, the contract trended decidedly lower throughout the session as steady production and weak demand dominated market sentiment. Recording an intraday low of $2.268 just after midday, prices hovered near $2.305 through the afternoon as November closed lower on Monday at $2.309.
The more actively traded December contract posted a similar pullback to close $0.229 lower at $2.863.
The EIA Natural Gas Storage Report published on Thursday showed an 80 BCF injection to storage for the week ended October 18 – above the market estimate of a 64 BCF injection. Total working gas in storage was reported as 3,785 BCF; 2.9% above this time last year and 4.6% above the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was up $0.690; Natural Gas was down $0.097; Heating Oil was up $0.017, and Gasoline was up $0.015.
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.
