Friday, October 27th saw the November NYMEX Natural Gas Futures Contract settle at $3.164, five cents below Thursday’s closing price of $3.214.
The more actively traded December Contract opened at $3.589, eleven cents above Thursday’s closing price of $3.477. Peaking at an intraday high of $3.609 within minutes of the opening bell, as traders squared their positions ahead of the November settlement, prices then began a staggered descent that would span the day. Crossing midday at $3.542, the contract slipped to an intraday low of $3.497 ahead of 2:30PM. December closed slightly higher on Friday at $3.483.
The EIA Natural Gas Storage Report published last Thursday showed a 74 BCF injection to storage for the week ended October 20 – below the market estimate of 83 BCF. Total working gas in storage was reported as 3,700 BCF; 9.2% above this time last year and 5.2% above the five-year average.
As of 6:25AM EST this morning in Globex, WTI Crude was down $1.08; Natural Gas was down 14 cents; Heating Oil was down three cents; and Gasoline was down two cents.
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.
