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.
