Tuesday, September 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.132, slightly above Friday’s closing price of $2.127. Entering the market in a down swing following the long weekend, prices touched down to an intraday low of $2.075 by 10:05AM. Mounting a steady ascent that would span the session, steady LNG exports, a decline in production, and higher spot gas prices all provided support as the contract rose to tally an intraday high of $2.211 ahead of 2:30PM. October closed higher on Tuesday at $2.203.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 34 BCF injection to storage for the week ended August 23rd. This compares to a 33 BCF injection this time last year and a five-year average injection amount of 51 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down 41 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down one cent.
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.
