Tuesday, November 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.767, down $0.014 compared to Monday’s closing price of $2.781. Achieving and intraday high of $2.817 at 9:25AM, prices then pulled back as bearish sentiment proved too strong for waning production and potential demand disturbances in the Gulf of Mexico. Crossing midday at $2.733, the contract fell to record an intraday low of $2.651 at 1:30PM. December closed lower on Tuesday at $2.670.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30 AM. The report is expected to show a 66 BCF injection to storage for the week ended November 1st. This compares to a 6 BCF withdrawal this time last year and a five-year average injection amount of 32 BCF.
As of 5:50AM this morning in Globex, WTI Crude was down $0.900; Natural Gas was up $0.005; Heating Oil was down $0.032, and Gasoline was $0.031.
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.