Monday, November 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.631, down $0.032 compared to Friday’s closing price of $2.663. Ascending from the intraday low as markets opened, the contract reclaimed overnight losses to trade along $2.680 by 10:00AM. Shrugging off bearish fundamentals, low demand and steady production, traders focused on the possibility of a tropical disturbance in the Gulf of Mexico. Climbing to trade along either side of $2.775 into the afternoon, prices peaked at an intraday high of $2.792 at 1:25PM. December closed higher on Monday at $2.781.
The EIA Natural Gas Storage Report published last 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 5:45AM this morning in Globex, WTI Crude was up $0.280; Natural Gas was down $0.010; Heating Oil was up $0.015, and Gasoline was up $0.015.
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