December NYMEX Natural Gas Futures Contract Closed at $2.671 on Friday, November 1st

Friday, November 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.671, down $0.036 compared to Thursday’s closing price of $2.707. Peaking early once again, an intraday high of $2.724 at 9:30AM, the contract continued its ongoing withdrawal as weather and storage levels remain decidedly bearish. Falling to cross midday at $2.654, prices recorded an intraday low of $2.632 at 1:55PM. December closed lower on Friday at $2.663.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF injection to storage for the week ended October 25 – below the market estimate of a 92 BCF injection. Total working gas in storage was reported as 3,863 BCF; 2.8% above this time last year and 4.8% above the five-year average.

As of 7:15AM this morning in Globex, WTI Crude was up $2.11; Natural Gas was down $0.061; Heating Oil was up $0.059, and Gasoline was $0.062.

                                                                                                       
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.

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