Tuesday, October 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.269, down $0.040 compared to Monday’s closing price of $2.309. Posting a staggered ascent throughout the session, prices rose to an intraday high of $2.391 at 2:00PM. November settled at $2.346 on Tuesday.
Set to assume the prompt-month position today, December opened $0.029 lower at $2.834 as bearish sentiment continued to hold court. Trading cautiously higher, which analysts attributed to profit taking, the contract reached an intraday high of $2.890 at 2:15PM. December closed lower on Tuesday at $2.859.
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 6:35AM this morning in Globex, WTI Crude was up $0.650; Natural Gas was down $0.005; Heating Oil was up $0.028, and Gasoline was up $0.009.
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.
