Wednesday, October 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.807, down $0.052 compared to Tuesday’s closing price of $2.859. Recording the intraday low of $2.770 by 9:15AM, prices then rose to trade along $2.840 as traders balanced weak fundamentals against the unofficial start of winter as the December contract assumed the front month position. Etching the intraday high of $2.866 at 11:25AM, the contract traded largely sideways into the afternoon. December closed lower on Wednesday at $2.845.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 92 BCF injection to storage for the week ended October 25th. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 67 BCF.
As of 6:40AM this morning in Globex, WTI Crude was up $0.370; Natural Gas was down $0.047; Heating Oil was up $0.010, and Gasoline was flat.
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.
